The Nigerian Exchange Ltd. (ngx) witnessed a notable increase in market capitalisation, rising by 0.54% or N497 billion to close at N93.295 trillion from an opening of N92.798 trillion. This upward trend marks the 11th consecutive session of bullish performance. The All-Share Index also experienced a 0.54% gain, adding 793.70 points to close at 146,988.04 points, compared to 146,204.34 points posted on the previous trading day.
The market’s positive trajectory was driven by gains in 23 stocks, including Dangote Cement, Nem Insurance, Jaiz Bank, and FTN Cocoa Processors. Dangote Cement led the gainers with a 6.48% increase, settling at N575, followed by FG202031S1 with a 6.18% gain, and ending the session at N109.44. Nem Insurance and Jaiz Bank also recorded significant increases of 5.23% and 4.65%, respectively.
Conversely, Union Home Real Estate led the losers’ chart with a 9.98% decline, ending the session at N51.85, while Meyer and Sterling Nigeria followed with losses of 9.85% and 9.58%, respectively. Cornerstone Insurance and Etranzact International also experienced declines of 6.90% and 6.25%, respectively.
Market activity revealed an improvement in the volume of shares traded, with 386.6 million shares valued at N11.26 billion exchanged across 21,842 transactions. This represents a notable increase in volume, although the number of deals and total value traded declined compared to the previous trading day.
Fidelity Bank led the activity chart in volume for the second time this week, with 47.3 million shares valued at N959.3 million. CHAMS, Japaul Gold, Zenith Bank, and FCMB also featured prominently in the trading activity. The surge in market capitalisation and the All-Share Index is a positive indication of investor confidence in the Nigerian market. As the market continues to exhibit bullish tendencies, investors and stakeholders will be keenly watching the next trading sessions to see if this trend will be sustained.
