NGX Index Edges Higher, up 0.75% as Market Cap Gains N420.47tn

The bullish sentiment persisted in the equities market of the Nigerian Exchange Limited (NGX) on Thursday as the market capitalization gained N420.47tn to close at N56.73trillion.

Lagos bourse at the close of yesterday’s trading activities recorded an increase of 0.75 per cent in the All Share Index, while the year-to-date return rose to 34.19 per cent.

The closing statistics obtained from the NGX yesterday showed that the appreciation was due to the renewed buy interests in Telco heavyweight, MTNN (+10.00%), alongside sustained interest in TRANSPOWER (+9.99%) and DANGSUGAR (+10.00%) outweighed losses in continued selloff in GTCO (-1.57%), ZENITHBANK (-0.15%), and UBA (-2.27%), keeping the market in the green.

As a result, the market is on track for a week of gain, this is even as the analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 per cent.

For instance, a total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals. TRANSCORP (-9.95%) led both the volume and value chart with 301.36 million units traded in deals worth N5.65 billion.

Market breadth closed negative at a 0.76-to-1 ratio with declining issues outnumbering the advancing ones. GUINNESS (-10.00%) topped thirty-two (32) others on the laggard’s table while MTNN (+10.00%) led twenty-four (24) others on the leader’s log.