Trading activity on the Nigerian Exchange Limited (NGX) picked up momentum yesterday, driven by expectations of a year-end yuletide rally. Investors regained confidence following recent market losses, lifting the nation’s market capitalisation by N1.3 trillion to close at N92.376 trillion. The All Share Index (ASI) rose 1,718.03 points, a 1.2 per cent increase, settling at 144,928.36 points.
New listings also contributed to market activity, with Industrial and Medical Gases Plc and Ecobank Transnational Incorporated (ETI) Plc listing 181.6 million and 5.38 billion ordinary shares, respectively. Analysts noted that these additions, combined with holiday-season optimism, are likely to sustain investor interest in the coming weeks.
Gains in medium and large-cap stocks drove the rally. Dangote Cement led the winners with a 9.99 per cent price increase to close at N588, followed closely by NCR Nigeria (+9.98%) and International Breweries (+9.66%). Other notable performers included Guinness Nigeria, United Bank for Africa (UBA), Livestock Feeds, and Daar Communications. On the other hand, Ikeja Hotel, Legend Internet, and Living Trust Mortgage Bank recorded losses of up to 9.92 per cent.
Imperial Asset Managers Limited highlighted the market outlook, stating: “The positive rebound suggests improving investor confidence, particularly in large-cap industrial and consumer stocks. Market players may continue to favour fundamentally strong counters, though selective profit-taking could emerge in highly appreciated stocks.” Overall, market breadth turned positive with 27 advancing counters outpacing 20 decliners.
Despite the gains, trading volume fell by 58.65 per cent to 606.254 million units valued at N39.69 billion, across 14,791 deals. Access Holdings dominated activity with 310.248 million shares valued at N6.418 billion, followed by Zenith Bank (40.334 million shares) and Fidelity Bank (38.166 million shares). Other active stocks included FCMB Group and Guaranty Trust Holding Company (GTCO), reflecting ongoing investor focus on high-liquidity shares.
source: The Guardian