The Nigerian Exchange Limited (NGX) stock market soared to new heights on Tuesday as investors pocketed N449 billion in a single day.
This marked the second consecutive session of gains, signaling a renewed interest in various stocks with Dangote Cement Plc and 49 other companies taking the lead.
Dangote Cement, the heavyweight in the market, was instrumental in driving the bullish momentum as its stock price surged by 6.67% to settled at N352 per share, up from N330 per share it opened the day.
The robust performance of this industry bolstered the NGX All-Share Index (ASI) by 823.37 basis points or 1.31% to an all-time high of 63,766.72 basis points.
As a result of this euphoric market sentiment, the overall market capitalisation soared to an astonishing N34.722 trillion, underscoring the growing confidence of investors in the Nigerian stock market.
The market breadth provided a glimpse into the enthusiasm that swept through the trading floor, with a notable 50 stocks in the green against the 20 stocks that closed in the red.
Honeywell Flour Mills, NEM Insurance, and NPF Microfinance Bank emerged as the stars of the day, each gaining an impressive 10% and closing at N3.30, N5.94, and N1.87 per share, respectively.
Eterna and PZ Cussons Nigeria also experienced substantial gains, with their stocks surging by 9.92% and 9.88%, respectively, closing at N26.05 and N17.80 per share.
However, Japaul Gold & Ventures posted a 10.00% decline to close at 81 kobo per share, while FTN Cocoa processors saw a drop of 9.84% to N2.29 per share.
Courteville Business Solutions, Sovereign Trust Insurance, and Secure Electronic Technology were also among the losers, experiencing declines of 8.64%, 8.16%, and 8.11%, respectively.
According to analysts at InvestmentOne Research, “The Nigerian bourse recorded an uptick in performance today driven by the northward movement observed across major sectors.
“Going forward, we expect investor’s sentiment to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
