NGX Market Cap Crosses N163tn on Sustained Investors Confidence

Kayode Tokede

The market capitalization of listed companies on the Nigerian Exchange Limited (NGX) crossed a record of N163 trillion to N163.05 trillion for the first time ever as the stock market sustained its positive momentum.

On investors’ demand for MTN Nigeria Plc (+0.6 per cent), Zenith Bank (+2.3per cent), and First Holdco (+1.4per cent), the market capitalization yesterday gained N374.4 billion from N162.68 trillion it opened for trading to N163.06 trillion.

The NGX All-Share Index rose 0.23 per cent to close at 251,191.20 basis points to push the market’s year-to-date return to 61.42 per cent

The sectoral performance was mixed. The Insurance index rose 1.08 per cent, followed by the Banking index with 0.85 per cent, Consumer Goods with 0.17 per cent and Oil and Gas with 0.06 per cent. The Industrial index declined 0.15 per cent, while the Commodity index closed flat.

Market breadth remained positive, with 43 stocks gaining against 20 decliners.

Eterna, Thomas Wyatt Nigeria, Critical Mineral Financing Corporation, Haldane McCall and Omatek were the top five gainers, with their shares rising by 10 per cent, 9.88 per cent, 9.76 per cent, 9.70 per cent and 9.63 per cent respectively.

On the losing side, Caverton led the decliners, falling 9.09 per cent, followed by UACN Property Development Company, which declined nine per cent. WAPIC Insurance, Veritas Kapital Assurance and United Capital fell 6.30 per cent, 5.45 per cent and five per cent respectively.

Trading activity was mixed, as investors traded 1.59 billion shares in 49,836 deals valued at N45.82 billion. The volume of shares traded increased 89.97 per cent from 837.26 million shares recorded in the previous session, while the value of transactions fell 5.66 per cent from N48.57 billion. The number of deals also declined 4.39 per cent from 52,126 transactions.

Fidelity Bank recorded the highest volume of transactions with 170.72 million shares, while GTCO, Dangote Sugar Refinery and Chams also featured among the most actively traded