Nigerian Exchange Sustains Bullish Momentum, Adds N305bn to Investors’ Wealth

The Nigerian Exchange Limited (NGX) continued its bullish run on Wednesday as investors gained N305 billion.

The Exchange has now gained N471 billion in the last two trading sessions following a N259 billion decline recorded on Monday due to the plunge in the value of some medium-cap stocks.

At the close of trading on Wednesday, the All-Share Index and market capitalization rose by 0.78% to 71,808.64 and N39.294 trillion, respectively.

The year-to-date gains of the index rose to 40.11%.

A total of 34 stocks closed in the green against 22 that closed in the red as a total of 121 stocks exchanged hands during the day.

This positive momentum was primarily driven by share price appreciation from top gainers, including Thomas Wyatt (9.93%), FBN Holdings (9.91%), Multiverse (9.90%), Ecobank Transnational Incorporated (9.88%), and Infinity Trust Mortgage Bank (9.70%).

However, some stocks experienced losses, including Axa Mansard Insurance, Guinea Insurance, and Oando Plc, with share dips of 9.69%, 9.68%, and 9.13%, respectively.

Sectorial performances varied with NGX Insurance, NGX Consumer Goods, and NGX Industrial Goods indices recording losses, while the Oil/Gas sector reported a lull performance.

Notably, tier I banking stocks fueled the Banking sector to a substantial 5.01% gain, with GTCO, United Bank for Africa, AccessCorp, and Zenith Bank leading in volume and value, contributing to the overall market bullishness.

Positive trading activity continued, with a 19.90% increase in total deals, 59.15% rise in volume, and an 8.88% uptick in value, totaling 8,412 deals, 690.01 million units, valued at N12.10 billion.

GTCO emerged as the most actively traded security in terms of volume and value, with 76.70 million units worth N3.04 billion exchanged in 260 deals.