The Nigerian Exchange Limited (NGX) has catapulted to new heights to topple the All-Share Index record by 3.93% to close at 87,971.09 index points.
The bullish trend that fueled this extraordinary achievement was propelled by substantial price appreciation in large and medium-capitalized stocks.
Dangote Sugar, Nascon Allied Industries – two companies in the midst of a merger – along with Berger Paints, Flour Mills, Honeywell Flourmills, Lafarge Africa, Nigerian Breweries, Transcorp, Universal Insurance Plc, FTN Cocoa, and Sterling Financial Holdings Company Plc, posted 10% gain at the close of trading.
FBN Holdings, a key player, once again breached the N1tn market capitalization level to close at N1.053tn.
Market breadth, a metric measuring sentiment, echoed positivity as 77 stocks saw gains against only 10 on the losers’ table.
Royal Exchange Plc led the decliners with an 8.16% depreciation, while overall market activity witnessed a surge in volume and value.
Investors are now reveling in the aftermath of this record-breaking surge with the NGX marking its dominance and providing a substantial N1.8tn gain for those engaged in the local bourse.
The Nigerian stock market’s resilience and upward trajectory present a promising landscape for investors amid a dynamic economic environment.
