Nigerian Stock Exchange Witnesses N578 Billion Gain, Market Capitalisation Rises 1.05%

The Nigerian Stock Exchange (NGX) recently witnessed a significant gain, with the equity market rising by N578 billion due to renewed interest in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company, GTCO, and other stocks. This gain marks a 1.05 per cent increase in the market capitalization of listed equities on the NGX.

According to reports, the market capitalization of listed equities on the NGX rose from N55.130 trillion to N55.708 trillion, reflecting the aforementioned 1.05 per cent increase. The All-Share Index (ASI) also advanced by 1.05 per cent or 1,017.3 points, closing at 98,116.27 compared to 97,098.98 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return climbed to 31.22 per cent. Market breadth also closed positively, with 23 gainers and 19 losers. Unilever, Vitafoam, and MTN Nigeria led the gainers’ log, each recording a 10 per cent increase to close at N18.70, N19.25, and N198 per share, respectively. Okomu Oil and Oando Plc also gained 9.99 and 9.97 per cent to close at N353.30 and N36.95 per share, respectively.

However, United Capital led the losers’ log by 9.94 per cent to close at N14.50, with Abbey Mortgage Bank trailing by 8.05 per cent to close at N2.40 per share. Sterling Nigeria, Ikeja Hotel, and Chams lost 5.66, 5.56, and 5.38 per cent, respectively, to close at four Naira, N6.80, and N2.11 per share.

Market activities also showed a significant increase in trade turnover, with the value of transactions up by 18.45 per cent. A total of 791.78 million shares valued at N15.13 billion were exchanged in 9,059 deals by investors, compared to 636.50 million shares worth N12.77 billion that exchanged hands in 9,744 deals posted previously.