Nigeria’s stock market has taken the international financial community by storm, outpacing Argentina to claim the title of the world’s best-performing market. This astounding feat was achieved as the Nigerian Exchange Limited (NGX) continued its bullish trend, culminating in a historic surge.
On Wednesday, the All-Share Index (ASI) soared by 2.38%, reaching an unprecedented 90,063.25 points, a substantial leap from the previous day’s 87,970.37 points. Notably, between January 15 and 17, 2024, the NGX expanded by an extraordinary 8.45%. Year-to-date, the market has surged by an impressive 20.45%, firmly establishing itself as the fastest-growing equities market globally, eclipsing the Argentine Stock Market.
Despite the ASI’s monumental rise, the overall equities market cap remained unchanged at N48.139 trillion. However, trading volume experienced a substantial 21.65% uptick, totaling 1.298 billion units, up from 1.067 billion units the preceding day. Correspondingly, trading value increased by 3.9% to N16.38 billion, compared to Tuesday’s N15.77 billion.
A closer examination reveals notable gainers including GUINNESS (+10.00% to close at N71.50), WEMABANK (+10.00% to close at N11.66), HONYFLOUR (+10.00% to close at N4.84), SUNUASSUR (+10.00% to close at N1.76), AIICO (+10.00% to close at N1.54), and BUACEMENT (+9.99% to close at N123.90). Conversely, top losers encompass RTBRISCOE (-10.00% to close at N0.81), DANGSUGAR (-9.95% to close at N73.30), NGXGROUP (-9.84% to close at N22.90), REDSTAREX (-9.47% to close at N4.11), STERLINGNG (-9.09% to close at N6.90), and DAARCOMM (-8.33% to close at N0.99).
In terms of volume, STERLINGNG (-9.09%) led with 106.14 million units, followed by JAPAULGOLD (+8.94%) with 101.12 million units, TRANSCORP (+9.97%) with 90.47 million units, JAIZBANK (+1.37%) with 83.12 million units, and UNITYBNK (+0.67%) with 73.41 million units. Regarding value, NB (+1.82%) led with N2.02 billion, trailed by TRANSCORP (+9.97%) with N1.58 billion, ZENITHBANK (-1.42%) with N1.10 billion, ACCESSCORP (-0.67%) with N935.86 million, and STERLINGNG (-9.09%) with N800.26 million.
Noteworthy stock updates indicate a mixed trading sentiment for stocks valued over N1 trillion, with BUACEMENT (+9.99%), BUAFOODS (+5.49%), DANGCEM (+9.86%), and GEREGU (+9.49%) witnessing price gains. Conversely, stocks like ACCESSCORP (-0.67%), GTCO (-1.80%), ZENITHBANK (-1.42%), and UBA (-4.27%) encountered price losses. Meanwhile, AIRTELAFRI, MTNN, SEPLAT, and TRANSCOHOT (Transcorp Hotels) remained stable with no price changes.
Additionally, FBNH experienced a 5.79% decline, dropping below the N1 trillion market cap level once more. A noteworthy event unfolded as Dangote Sugar ascended into the SWOOT territory, but by the close of trading, the stock plummeted by 9.95%, resulting in a market capitalization of N890 billion.
