NGX Market Cap Hits Record N70trn as Investors Gain N1.04trn
The Nigerian Exchange (NGX) witnessed a historic milestone on Tuesday as its market capitalisation crossed the N70 trillion mark for the first time, buoyed by strong investor sentiment. The surge in equities resulted in a total market gain of N1.04 trillion, with the All-Share Index (ASI) jumping 1.50 per cent to a new all-time high of 111,606.22 points.
The rally was driven by renewed buying interest in mid- and large-cap stocks, with AIRTELAFRI, NAHCO, and ARADEL among the top performers. AIRTELAFRI led the advancers’ chart with a maximum daily gain of 10.00 per cent, while OMATEK, CORNERST, and NAHCO also posted significant gains.
Despite the market’s bullish performance, trading activity dipped slightly. The total volume of shares traded declined by 1.19 per cent, while the total value of transactions dropped by 11.04 per cent. Investors exchanged 409.57 million shares worth N9.87 billion in 15,992 deals, according to data from the NGX.
CUSTODIAN led in volume terms, accounting for 9.23 per cent of total shares traded, followed closely by FIDELITYBK, VERITASKAP, ZENITHBANK, and ACCESSCORP. GTCO emerged as the most traded stock by value, contributing 15.95 per cent of the day’s total trade value.
The market breadth closed strong, with 35 gainers outpacing 21 laggards. MCNICHOLS topped the list of decliners with a 9.80 per cent loss, followed by CHAMPION, JAIZBANK, CADBURY, and STERLINGNG.
Sectoral performance was equally upbeat. The insurance index led with a 2.23 per cent gain, while the banking index rose 0.84 per cent. Oil & gas climbed 0.76 per cent, industrial goods increased 0.46 per cent, and consumer goods edged up by 0.13 per cent.
With a net market capitalisation gain of N1.042 trillion, the NGX closed at N70.38 trillion, reinforcing investor confidence and extending the previous session’s upward momentum.
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