NGX Posts Fifth Consecutive Day of Growth, Investors Gain N183bn

Nigeria’s Stock Market, NGX Continues Its Bull Run, Adding N183 Billion to Market Capitalization

The Nigerian Exchange Limited (NGX) has extended its winning streak, recording a significant gain of N183 billion on Wednesday. The market capitalization, which opened at N59.532 trillion, rose by N184 billion or 0.31 per cent to close at N59.715 trillion, marking the fifth consecutive day of growth.

The All-Share Index also witnessed a similar surge, adding 0.31 per cent or 303 points to settle at 98,509.68, up from 98,206.97 recorded on Tuesday. This upward trend has resulted in a Year-To-Date (YTD) return of 31.74 per cent.

The market’s upward momentum was largely driven by the performance of blue-chip stocks, including Aradel Holdings, Zenith Bank, United Bank for Africa (UBA), Oando Plc, and Nigerian Breweries, among others. A total of 34 stocks advanced on the day, with only 17 declining.

Africa Prudential, Conoil, and RT Briscoe led the gainers’ chart, each rising by 10 per cent to close at N14.30, N352, and N2.42 per share respectively. Golden Guinea Breweries and NEM Insurance also recorded notable gains of 9.95 per cent and 9.74 per cent respectively.

On the flip side, Julius Berger led the decliners’ chart with a 10 per cent loss to close at N155.25 per share. Secure Electronic Technology Plc trailed behind with a loss of 9.52 per cent, while Multiverse lost 7.63 per cent and Haldane McCall dropped 6.07 per cent.

Despite the market’s upward trajectory, trading activity was relatively subdued compared to the previous session. A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, down from the previous session’s 939.41 million shares valued at N12.81 billion traded in 9,098 deals.

ETranzact emerged as the leader in terms of volume traded with a massive trade of 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.

The continued bull run on the NGX is indicative of growing investor confidence and optimism about the prospects of the market. As the market enters a new week, investors are likely to remain hopeful about the prospects of the bourse.