NGX hits new heights as ASI rises 3.93% to 87971.1 points

Business a.m

A day of record-breaking performance on the Nigerian stock exchange has sent the index soaring, with the All-Share Index rising by 3.93 per cent or 3,330.21 points to close at a new peak of 87,971.10 points.

The significant gains seen across the board resulted in a total increase in market capitalisation of N1.82 trillion, bringing the total to N48.139 trillion. This is a major increase from the N46.319 trillion total market capitalisation seen the previous day.

The remarkable surge seen on the day were not confined to a single sector, with the majority of gainers spread across a range of industries. 75 stocks increased in value while only nine suffered losses. Dangote Cement was one of the standout performers, with its share price increasing by a remarkable 9.84 per cent. Dangote Sugar was another notable gainer, with its shares increasing by 10 per cent. FBN Holdings also experienced a strong day, with its shares rising by 6.73 per cent.

The impressive gains in share price were accompanied by a significant increase in trading volume, with a total of 1.067 billion units traded on the day. This represents a 32 per cent increase from the previous day’s trading volume of 807.51 million units. Similarly, the value of trades increased by 43 per cent to N15.77 billion, compared to the N11.03 billion seen the day before.

Among the companies with a market capitalization above N1 trillion, several saw significant gains in share price. DANGCEM, ACCESSCORP, BUACEMENT, FBNH, GTCO, MTNN, and ZENITHBANK all saw gains, ranging from 2.16 per cent to 9.96 per cent. However, several large-cap stocks did not experience any change in share price, including AIRTELAFRI, GEREGU, TRANSCOHOT, SEPLAT, and BUAFOODS.

JAIZBANK was the most traded stock in terms of volume, with 150.64 million units traded on the day. AIICO was next, with 99.06 million units traded, followed by FCMB with 67.60 million units, STERLINGNG with 55.84 million units, and TRANSCORP with 48.92 million units. These stocks saw the highest levels of trading activity, reflecting the interest they generated among investors.

NASCON was the top performer in terms of value traded, with N2.57 billion worth of shares changing hands on the day. This was followed by NB, which saw N1.42 billion in trading value, and UBA, which generated N1.06 billion in trading value. ZENITHBANK and FCMB also saw strong levels of trading value, at N939.69 million and N814.17 million respectively.