NGX crosses N150 trillion market cap as equities surge N5.55 trillion in single-day rally
The Nigerian equities market delivered a historic performance on Wednesday as the Nigerian Exchange Group (NGX) crossed the N150 trillion market capitalisation mark for the first time, following a massive single-day gain of N5.554 trillion. The rally pushed the total market value to N152.728 trillion, reflecting renewed investor confidence and strong demand for key stocks.
In parallel, the All-Share Index surged by 8,625.79 points, representing a 3.77 per cent increase, to close at 237,205.59 points. The bullish momentum was largely driven by price appreciation in heavyweight and mid-cap stocks such as Airtel Africa, Aradel Holdings, MTN Nigeria Communications, Beta Glass, and Dangote Cement, which anchored the market’s upward trajectory.
Market analysts at Cowry Assets Management Limited attributed the strong performance to sustained investor positioning ahead of expected full-year dividend announcements. The firm noted that the market’s bullish sentiment is likely to continue as investors seek attractive dividend yields, a trend that typically strengthens demand during this stage of the earnings cycle. Nigerian Exchange Limited
Market breadth also remained positive, with 48 gainers outperforming 42 decliners. Leading the gainers’ chart were Chemical and Allied Products (CAP), UACN, Zichis Agro Allied Industry, and Airtel Africa, each recording the maximum 10 per cent increase. Jaiz Bank followed closely with a 9.99 per cent rise, while PZ Cussons Nigeria also posted strong gains of 9.96 per cent.
On the laggards’ side, Cadbury Nigeria and John Holt led the decline with 10 per cent losses each, while eTranzact International, Morison Industries, and Haldane McCall also closed lower. Trading activity remained robust, with total volume rising by 38.96 per cent, driven by heavy transactions in Access Holdings, United Bank for Africa (UBA), Zenith Bank, Wema Bank, and Lasaco Assurance, reflecting sustained investor participation across the financial sector.
source: The Guardian