Transactions on the Nigerian Exchange Limited closed on a positive note before the two-day Sallah break, marking a significant milestone as the All Share Index (ASI) surpassed the 60,000 level for the first time since March 2008.
Nigerian stocks surged to a 17-year high, propelled by the price appreciation of key shares such as GTCO (+5.20%), AccessCorp (+3.61%), and Japaul Gold (+8.47%).
The ASI soared 1.30% to close at 60,109.14 points, while the market capitalization, which opened at N32.309 trillion, experienced an increase of N421 billion to close at N32.729 trillion.
Investors have reaped impressive gains of N493 billion since trading resumed this week, with Monday’s session contributing a substantial N72 billion to the rally. The market’s year-to-date (YTD) return climbed to an impressive +17.28%.
Analyzing the market’s performance by sectors, gains were observed in the Banking (+3.5%), Oil and Gas (+3.21%), Consumer Goods (+0.40%), Industrial Goods (+0.17%), and Insurance (+0.15%) indices.
The total volume of stocks traded saw a notable growth of 38.2% to 763.69 million units valued at N12.533 billion that were exchanged in 9,463 deals. This was a significant increase compared to the previous trading session, which recorded 552.69 million units valued at N13.06 billion that were transacted in 8,052 deals.
AccessCorp emerged as the most traded stock with approximately 111.66 million units worth N1.74 billion. GTCO followed closely with investors transacting 78.98 million shares valued at N2.69 billion while UBA conducted trades of 72.29 million units valued at N87.82 billion.
Market breadth reflected positive sentiment as 51 securities appreciated in value, while 13 others experienced a decline. Afromedia led the gainers’ chart with a 10% increase, closing at 0.22 kobo per share.
Courtville followed suit, also climbing 10% to close at 0.66 kobo, while Ikeja Hotel advanced by 10% to close at N3.63. Omatek added 10% to close at 0.33 kobo, and Transcorp Hotels gained 9.97%, concluding at N21.29.
Conversely, Redstarex topped the losers’ chart with a 10% decline, closing at N3.15 per share. C&I leasing followed closely with a 9.79% drop, closing at N3.50, while Morison experienced a 9.22% decrease, closing at N1.97. Sovereign Insurance lost 7.41% to close at 0.50 kobo, and May&Baker fell by 6.42% to close at N5.10.
As the Nigerian Exchange achieves this significant milestone, investors and market participants eagerly await further developments and anticipate sustained positive momentum in the market, creating opportunities for growth and profitability.
