The Nigerian Exchange Ltd., NGX, witnessed a significant milestone as the All-Share Index crossed the 100,000 mark for the second time this year. This achievement, marked by a 0.75% increase, saw the index settle at 100,335.3, reflecting a positive trend in the market.
Investors reaped the benefits of this growth, gaining N420 billion as the market capitalization closed at N56.730 trillion. The Year-To-Date return also saw a rise to 33.19%, indicating a favorable outlook for the market.
Key players driving this upward trajectory included Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, among others. Their strong performance contributed to the market’s positive momentum.
Despite the overall positive sentiment, market breadth closed negative with 33 losers and 25 gainers. Dangote Sugar and MTN emerged as top gainers, each recording a 10% increase in their share prices.
On the flip side, Guinness Nigeria and FTN Cocoa Processors led the losers table with a 10% decline in their share prices. Overall, market activities showed a decrease in trade turnover by 9.11% compared to the previous session.
The stock market’s improved performance was attributed to renewed investor confidence in the government’s policies. Stockbroker Victor Ibrahim highlighted the positive impact of the free-flow economy and the artificial scarcity of dollars on the market.
As investors continue to capitalize on the future opportunities presented by the government’s policies, the Nigerian equity market remains a beacon of hope amidst economic challenges. With a belief in the leadership of President Bola Tinubu, investors are optimistic about the market’s potential for growth and prosperity.
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