NGX Market Cap Surges by N1.6 Trillion on Investor Rally

The Nigerian Exchange Limited (NGX) appreciated by N1.6 trillion in a single day as demand for large and mid-cap stocks persists.

The market capitalisation of all listed equities stood at N45.524 trillion, up from N43.957 trillion recorded in the previous trading session.

The NGX All-Share Index (ASI) mirrored this upward trajectory, appreciating by 2,863.26 basis points or 3.56% to close at 83,191.84 basis points.

This surge marked a historic moment for the Nigerian stock market as investors reaped an average return of 11.30% on their investments in just a few days of 2024 trading.

The banking sector led with the Banking Index appreciating 8.2% while the Insurance Index saw a notable rise of 6.4%.

This upward momentum was fueled by the robust performance of large and medium-capitalized stocks, including Presco, Dangote Cement, MTN Nigeria Communications (MTNN), BUA Foods, and Transcorp Hotels.

Market breadth was positive as 72 stocks closed in the green, against 13 stocks that closed in the red.

Top gainers were Cadbury Nigeria Plc, FBN Holdings (FBNH) Plc, FTN Cocoa Processors, Guinea Insurance, Mutual Benefits Assurance, Unilever Nigeria, and Universal Insurance, all closing with a 10% increase in their share prices.

FBN Holdings once again surpassed the N1 trillion market capitalization threshold to N1.03 trillion while Wema Bank and Zenith Bank followed closely with gains of 9.99% to settle at N8.92 and N47.35 per share, respectively.

International Breweries also contributed to the surge, advancing by 9.98% to close at N5.29 per share.

On the other hand, TotalEnergies Marketing Nigeria led the losers’ chart with a 10% decline to close at N346.50 per share.

DAAR Communications followed with a 9.40% dip to settle at N1.06, while R.T. Briscoe Nigeria shed 8.45% to close at 65 kobo per share.

SUNU Assurance and Prestige Assurance also experienced declines of 7.69% and 7.41%, respectively.

The robust trading activity reflected the market’s vitality, with the total volume traded increasing by 18.5% to 1.41 billion units, valued at N24.68 billion.

Fidelity Bank led the pack in terms of volume, trading 141.749 million shares worth N1.965 billion.

FCMB Group and United Bank for Africa (UBA) also played a significant role, trading 128.974 million shares valued at N1.485 billion and 117.713 million shares valued at N3.779 billion, respectively.