The Nigerian Exchange (NGX) recorded a significant boost on Tuesday as banking stocks and select industrial equities drove the market capitalization up by ₦340 billion, closing at ₦106.5 trillion. The trading session reflected renewed investor confidence, particularly in high-value financial and industrial shares.
Investors exchanged 736.1 million shares across 45,994 deals, generating a total turnover of ₦24.37 billion. While the trading volume fell by 3% and the number of deals dropped 17% compared to Monday, turnover rose 32%, indicating that traders focused on more expensive, high-demand stocks.
Among the top performers, Industrial and Medical Gases led the gainers with a 10% increase, closing at ₦34.65 per share. Union Dicon Salt, Zichis Agro Allied Industries, and Austin Laz & Company each surged 10% to close at ₦9.90, ₦5.06, and ₦4.07 per share, respectively. RT Briscoe and Morison Industries also posted notable gains of nearly 10%.
On the losing side, Cutix and Omatek Ventures fell 10% each, closing at ₦3.15 and ₦2.43 per share. Other notable declines included Union Homes REIT, Sunu Assurances Nigeria, Deap Capital, and Chams Plc, all dropping close to 10%, reflecting mixed investor sentiment across certain sectors.
Banking stocks dominated activity, with Guaranty Trust Holding Company leading the market in traded volume at 65.9 million shares worth ₦6.53 billion. Other active financial stocks included Chams Plc, Custodian & Allied Plc, Universal Insurance, and Zenith Bank. The strong performance of both banking and industrial stocks ultimately supported the ₦340 billion increase in the NGX market capitalization.
source: punch