Bullish Trend Continues: Nigerian Stock Market Hits 72,000 Points, Gains N215 Billion

The Nigerian Exchange Limited All-Share Index (NGX ASI) achieved a historic feat, crossing the significant threshold of 72,000 basis points on Wednesday.

The Exchange appreciated by 392.53 basis points or 0.55% to continue its bullish trend.

At the close of trading activities, the NGX ASI stood tall at 72,299.79 basis points while the market capitalization rose by N215 billion to a total of N39.564 trillion.

The upbeat atmosphere in the market was propelled by substantial buy pressure with key stocks such as Transcorp Hotels, Access Holdings, FBN Holdings (FBNH), Zenith Bank, and United Bank for Africa (UBA) driving the impressive performance.

Market breadth reflected positive sentiment with 34 stocks closing in the green against 16 stocks that closed in the red.

Noteworthy among the gainers was SCOA Nigeria, emerging as the highest price gainer with a 9.88% increase to settle at N1.78 per share.

Infinity Trust Mortgage Bank followed closely with a gain of 9.86%, ending the session at N2.34. Access Holdings demonstrated strong performance, rising by 8.09% to close at N22.05 per share.

Cornerstone Insurance recorded a 7.41% increase, closing at N1.45, while Transcorp Hotels appreciated by 6.83%, concluding the session at N46.90 per share. On the flip side, University Press led the decliners with a 9.82% drop, closing at N2.48 per share.

SUNU Assurance followed suit with a decline of 9.38%, ending the session at N1.16, while Eterna shed 8.03%, closing at N11.45 per share.

Flour Mills of Nigeria also experienced a 4.57% dip, closing at N30.30, and Chams Holding Company depreciated by 4.04%, closing at N1.90 per share.

The total volume traded saw a notable 35.6% increase, reaching 433.18 million units valued at N8.08 billion and exchanged in 6,650 deals.

Access Holdings took the lead in trading activity with 60.182 million shares worth N1.305 billion.

Guaranty Trust Holding Company (GTCO) followed closely with 49.432 million shares valued at N1.961 billion, while Zenith Bank traded 44.782 million shares valued at N1.614 billion.

Sterling Financial Holdings Company traded 34.454 million shares worth N139.680 million, and United Bank for Africa (UBA) traded 29.309 million shares worth N696.040 million.

The remarkable performance of the Nigerian stock market underscores the resilience and attractiveness of the nation’s equities, offering investors promising opportunities amid the prevailing economic landscape.

As the bullish trend continues, market participants remain optimistic about the prospects and potential for sustained growth in the foreseeable future.