NGX Records N6.88bn Growth as Equities Show Modest Gains Amid Positive Market Sentiment

The Nigerian Exchange Limited (NGX) ended Wednesday’s trading session on a positive note, posting a modest market growth of N6.88 billion amid steady buying interest. Investors were cautious but optimistic, contributing to a slight uptick in the overall market capitalisation.

By the close, the total market capitalisation of listed equities rose to N106.44 trillion from N106.43 trillion recorded on Tuesday. Similarly, the All-Share Index inched up by 10.77 points, or 0.01%, closing at 166,267.60 compared with 166,256.83 in the previous session.

Market activity was mixed, with 822.73 million shares valued at N24.93 billion exchanged across 43,514 deals. Trading volume improved by 3%, and turnover jumped by 25%, although the total number of deals fell slightly by 4% from the prior day.

Investor sentiment leaned positive, with 54 stocks gaining against 24 decliners out of 130 equities traded. NCR Nigeria topped the gainers’ list, surging 10% to N171.05 per share. McNichols Plc and RT Briscoe Plc followed, both gaining 10%, while Jaiz Bank and May & Baker Nigeria Plc recorded increases of nearly 10%. On the downside, UPDC Real Estate Investment Trust fell 9.68%, and Champion Breweries declined 9.31%, marking the top losses for the day.

Trading was led by Zichis Agro Allied Industries, which recorded the highest volume at 69.22 million shares, followed by Secure Electronic Technology and Access Holdings. In terms of value, Stanbic IBTC Holdings dominated with N2.78 billion worth of trades, closely trailed by Zenith Bank and Nigerian Breweries. Analysts say the modest growth reflects steady interest in select banking, consumer goods, and industrial stocks, signaling a cautious but steady return of investor confidence, with potential for further upside if macroeconomic conditions remain favorable.

source: punch