Banks Drive Bullish Rally in the NGX, as the ASI Nears 80,000 Points

In continuation of its extremely positive rally in 2024, the NGX All-Share Index appreciated by 2.11%, gaining 1,644.12 points to close at 79,664.66 points.

Banks were the major drivers in today’s bullish run as every listed banking stock appreciated today. Transcorp and Transcorp Hotels also appeared in the top gainers’ chart, as they gained 9.99% and 9.92% respectively.

Equities also gained N900 billion as the NGX’s market cap closed at N43.594 trillion, up from N42.694 trillion recorded yesterday.

There was a slight 9.3% decline in traded volume to 892.68 million units, from yesterday’s 984.19 million units. However, in terms of value, there was a 28.4% appreciation in traded value to N14.33 billion, from yesterday’s N11.16 billion.

Market Indices

Here are the market Indices for today’s trading session

NGX All-Share Index: 79,664.66 points

% Day Change: +2.11%

Day’s Lowest: 78,014.39 points

Day’s Highest: 79,664.66 points

% YTD: +6.54%

Market Cap: N43.59 trillion

Volume Traded: 892.68 million units

Value Traded: N14.33 billion

Top Gainers

NAHCO: +10.00% to close at N28.60
UPDC: +10.00% to close at N1.65
TRANSCORP: +9.99% to close at N12.66
WEMABANK: +9.99% to close at N7.38
TRANSCOHOT: +9.92% to close at N84.85
INFINITY: +9.92% to close at N7.98

Top Losers

MULTIVERSE: -9.99% to close at N18.20
SCOA: -9.94% to close at N1.63
UPDCREIT: -9.93% to close at N6.80
CHAMPION: -8.50% to close at N3.66
WAPIC: -7.69% to close at N0.72
GUINNESS: -7.58% to close at N61.00

Top Traded Stocks

In terms of volume, FIDELITYBK (+6.37%) led with 92.67 million units, followed by TRANSCORP (+9.99%) with 75.43 million units, STERLINGNG (+9.90%) with 71.55 million units, FCMB (+9.55%) with 56.85 million units, and UBA (+3.39%) with 45.98 million units.

In terms of value, NESTLE (+8.73%) led with N1.67 billion, followed by UBA (+3.39%) with N1.32 billion, FIDELITYBK (+6.37%) with N1.31 billion, GTCO (+1.19%) with N1.30 billion, and TRANSCORP (+9.99%) with N954.95 million.

SWOOT and FUGAZ Update

For stocks worth over N1 trillion, trading was positive, as MTNN (+4.97%), DANGCEM (+1.59%), ZENITHBANK (+2.44%), and GTCO (+1.19%) recorded price gains. While BUAFOODS, BUACEMENT, AIRTELAFRI, and SEPLAT recorded no price changes.

For tier-1 banks, trading was also very bullish, as FBNH (+6.40%), UBA (+3.39%), GTCO (+1.19%), ACCESSCORP (+5.60%), and ZENITHBANK (+2.44%) all recorded price gains.