The Nigerian Exchange Limited (NGX) recorded a significant gain in equities on Tuesday, with a total market capitalization increase of N469 billion, or 0.46 percent, to close at N102.275 trillion. This surge was driven by sustained investor interest in stocks listed on the exchange. The All-Share Index also advanced by 0.46 percent, gaining 732.86 points to settle at 159,951.08, compared to 159,218.22 on Monday.
A total of 65 stocks recorded gains, while 21 stocks declined, resulting in a positive market breadth. Meyer and Jaiz Bank led the gainers’ chart, with a 10 percent appreciation each, closing at N14.30 and N5.28 per share, respectively. They were followed by ABC Transport, Austinlaz, and Multiverse Mining. On the other hand, Aluminium Extrusion Industries led the losers’ table with a 9.96 percent decline, followed by Learn Africa, Oando, United Bank for Africa, and Access Corporation.
Market activity analysis showed a four percent drop in the number of deals, alongside a nine percent increase in traded volume and a seven percent rise in transaction value. A total of 758.9 million shares valued at N19.8 billion were exchanged in 54,212 transactions, compared with 695.6 million shares worth N18.6 billion traded in 56,632 deals on Monday. Linkage Assurance recorded the highest trading volume, with 51.63 million shares exchanged, representing 6.80 percent of total volume. Guaranty Trust Holding Company led in value traded at N2.04 billion, accounting for 10.24 percent of the day’s total value.
The Nigerian stock market’s positive performance is a reflection of the country’s growing economy and the attractiveness of its equities to investors. The NGX has been experiencing a surge in trading activity in recent times, with investors seeking to tap into the potential of the Nigerian market. As the market continues to grow, it is expected to play a significant role in the country’s economic development, providing opportunities for businesses to raise capital and for investors to generate returns. With the NGX’s year-to-date return boosted by the recent gain, investors are likely to remain optimistic about the market’s prospects.
