The Nigerian Exchange (NGX) continues its ascent as it extends its winning streak for the seventh consecutive trading day to close at 103,524.44 index points.
This surge marks another milestone for the market, pushing the market capitalization to a new high of N58.53 trillion.
Market movers such as Transcorp, Access Holdings, and Guaranty Trust Holding Company Plc led the charge.
The positive momentum echoes similar patterns observed in previous trading sessions, underlining the sustained optimism prevailing in the market.
The buoyant atmosphere on the NGX comes amidst anticipation of the February Consumer Price Index (CPI) release scheduled for this week.
Analysts speculate that the CPI data could influence the upcoming decisions of the Central Bank of Nigeria’s Monetary Policy Committee (MPC), further driving investor sentiment.
Top gainers during the trading session include United Bank for Africa (UBA), which surged by 10% to close at N25.30, MTN Nigeria advanced by 9.98% to N243.50, and Julius Berger added 9.71% to close trading at N61.
On the other hand, Tantalizer dipped by 7.89%, NASCON Allied Industries declined by 6.77%, and Morison Industries Plc lost 6.62%.
Investors showcased robust participation, trading 565.79 million units of shares valued at N14.23 billion in 11,519 deals.
This heightened activity underscores the growing confidence among market participants and highlights the attractiveness of Nigerian equities as an investment avenue amidst prevailing market conditions.
As the NGX sustains its upward trajectory, stakeholders remain optimistic about the market’s resilience and potential for further growth, positioning Nigeria’s capital market as a key player in driving economic recovery and prosperity.
