NGX Crosses N130 Trillion Milestone with N209 Billion Gain
The Nigerian Exchange Limited (NGX) reopened with a significant surge yesterday, as the overall market capitalisation crossed the N130 trillion mark, marking a notable milestone in the nation's financial landscape. The exchange gained N209 billion in a single trading session, reflecting robust investor activity and improved corporate actions.
Market Performance and Key Indicators
The all-share index (ASI) increased by 324.21 points, representing a growth of 0.16 per cent, to close at 202,023.10 points. This uplift has propelled the year-to-date return to an impressive 29.82 per cent, showcasing sustained market resilience. Market capitalisation rose to N130.015 trillion, driven primarily by gains in medium and large capitalised stocks.
Top gainers included Cadbury Nigeria, Aradel Holdings, Nigerian Exchange Group, First HoldCo, and Guaranty Trust Holding Company (GTCO), which collectively contributed to the positive momentum. However, market breadth was broadly negative, with 37 decliners outpacing 23 advancers, indicating selective investor focus.
Notable Stock Movements
On the gaining side, Trans-Nationwide Express recorded the highest price gain of 9.86 per cent, closing at N3.12 kobo. Omatek Venture followed with a 9.76 per cent increase to N2.25 kobo, while Cadbury Nigeria rose by 9.53 per cent to N75.25 kobo. First HoldCo appreciated by 9.10 per cent to N54.55, and Fortis Global Insurance gained 6.50 per cent to N1.31 kobo.
Conversely, Ellah Lakes led the losers' chart with a 10 per cent decline to N10.80 per share. DAAR Communications fell by 9.95 per cent to N1.72 kobo, Chams Holding Company declined by 9.87 per cent to N3.38 kobo, John Holt depreciated by 9.71 per cent to N13.95, and SUNU Assurance dropped by 9.68 per cent to N4.20 kobo.
Trading Volume and Activity
The total volume traded saw a substantial increase of 105.85 per cent, reaching 1.153 billion units valued at N40.281 billion, exchanged in 78,006 deals. Transactions in Wema Bank shares topped the activity chart with 282.584 million shares valued at N7.291 billion. Access Holdings followed with 125.173 million shares worth N3.25 billion, while VFD Group traded 106.831 million shares valued at N1.127 billion. First HoldCo and GTCO also featured prominently in high-volume trades.
Market Outlook and Expert Insights
Futureview Group provided insights on the market outlook, stating, "We expect investors to trade cautiously, focusing on fundamentally strong stocks with attractive valuations." This cautious optimism suggests that while the market shows strength, selective investment strategies may prevail in the coming sessions.
The upturn was significantly impacted by gains in key stocks, underscoring the role of corporate actions in driving market performance. As the NGX continues to evolve, such milestones highlight the growing sophistication and potential of Nigeria's financial markets.
