Market cap crosses N84trn as investors gain N406bn

The Nigerian Exchange (NGX) yesterday crossed N84 trillion in market capitalisation as equity investors gained more than N406 billion. Daily Trust reports that the stock market extended its bullish run on Thursday even as the All-Share Index (ASI) rose 0.48% to 133,199.99 points, lifting year-to-date returns to 29.41%. Also, market capitalisation surged by N406 billion […]

The Nigerian Exchange (NGX) yesterday crossed N84 trillion in market capitalisation as equity investors gained more than N406 billion.

Daily Trust reports that the stock market extended its bullish run on Thursday even as the All-Share Index (ASI) rose 0.48% to 133,199.99 points, lifting year-to-date returns to 29.41%.

Also, market capitalisation surged by N406 billion to close at N84.26 trillion attributing largely to increased bargain hunting.

Trading on Thursday was further fueled by sustained buying interest in medium- and large-scale stocks across all major sectors, led by the insurance sector, appreciating by 2.72%.

This renewed interest was also spurred by investors’ optimism following the release of half-year financial results from some listed companies, with expectations of improved earnings from others yet to report.

Trading activities improved as the total volume and total value of trades increased by 11.87% and 29.01% respectively.  

Stockbrokers reported that approximately 762.11 million units valued at N21,953.64 million were transacted across 22,712 deals.