The Nigerian Exchange Limited (NGX) witnessed sustained bullish activity as the market capitalisation soared past the N70 trillion mark. The All-Share Index (ASI) increased by 1.57%, closing at 111,606.22 points, while the overall market capitalisation rose by N1.085 trillion to end the session at N70.377 trillion. This impressive performance reflects heightened investor confidence and strong interest in equities.
Gains were driven primarily by strong price appreciation in large and mid-cap stocks. Notable gainers included Airtel Africa, Aradel Holdings, Okomu Oil, NAHCO, and Lafarge Africa. These companies saw significant investor demand, contributing substantially to the market’s upward momentum. Analysts at Afrinvest Limited anticipate the rally will persist in the coming sessions due to investor optimism about earnings potential.
Market breadth remained positive with 36 gainers outpacing 21 losers, indicating a broad-based rally. Airtel Africa led the gainers’ chart with a 10% increase, followed by Omatek Ventures (9.23%) and Cornerstone Insurance (8.63%). Other notable gainers were NAHCO, which climbed 8.39%, and University Press, up by 6.47%.
Despite the bullish trend, some stocks recorded losses. McNichols declined by 9.80%, followed by CWG (-9.50%) and Champion Breweries (-7.38%). Other decliners included Red Star Express (-4.62%) and Jaiz Bank (-4.46%), reflecting some selective profit-taking within the market.
Trading activity also saw a modest uptick, with a total of 409.571 million shares exchanged in 9,870 deals, representing a 1.13% increase in volume. Custodian Investment led the volume chart with 37.589 million shares, while Zenith Bank and Access Holdings also recorded significant trade volumes, highlighting continued investor engagement across various sectors.
Source: Guardian