The bullish sentiments that have defined the Nigerian Exchange Limited (NGX) persisted for another day as investors added N265 billion to their portfolios during Thursday’s trading session.
The market’s All-Share Index (ASI) recorded a 0.62% increase, mirroring the appreciation in market capitalization which rose to N42.694 trillion.
This gain, though significant, marked the slowest percentage increase since the beginning of the trading year.
The first session witnessed a 1.62% rise, followed by a 2.03% appreciation on the second day. While the rate of growth softened, investors continued to navigate the market optimistically.
Despite the deceleration in gains from Wednesday’s impressive N846 billion surge, the total value added on Thursday showcases sustained confidence among market participants.
The current trajectory aligns with analysts’ projections, anticipating a bullish tone leading up to the upcoming earnings season.
At the close of Thursday’s trading, major movers in the market included stocks of AccessCorp, United Bank for Africa, Zenith Bank, Fidelity Bank, and FCMB.
The banking sector, in particular, experienced heightened activity as investors positioned themselves for dividends, capital appreciations, and the anticipated recapitalization exercise.
Market breadth, a measure of investor sentiment, slightly dipped compared to the previous day, with 48 gainers and 23 losers. Learn Africa led the gainers, reversing its Wednesday loss with a 10% gain, closing at N3.19 per unit.
While stocks like Wema Bank, Transcorp, Ikeja Hotel, and Sterling Financial Holdings also posted notable gains, the losers’ chart featured Multiverse, Meyer Plc, TrippleG, JohnHolt, and ABC Transport.
Banking stocks, including FCMB, Fidelity Bank, and Zenith Bank Plc, dominated the volume and value drivers of Thursday’s market trend, reflecting sustained investor interest in the financial sector.
The NGX’s ability to maintain positive momentum, even at a slightly slower pace, underscores investor confidence and sets the stage for continued market resilience in the days ahead.
