NGX market cap hits N152trn as investors gain N5.5trn
Equities investors on the Nigerian Exchange (NGX) recorded a N5.5 trillion gain on Wednesday as renewed bargain hunting lifted market sentiment amid the ongoing first-quarter earnings season. Sustained buying interest across key sectors pushed the local bourse into a strong bullish run, with market capitalisation crossing the N152 trillion threshold. The benchmark NGX All-Share Index […]
Equities investors on the Nigerian Exchange (NGX) recorded a N5.5 trillion gain on Wednesday as renewed bargain hunting lifted market sentiment amid the ongoing first-quarter earnings season.
Sustained buying interest across key sectors pushed the local bourse into a strong bullish run, with market capitalisation crossing the N152 trillion threshold.
The benchmark NGX All-Share Index rose by 3.77 per cent to close at 369,303.21 points, extending the year-to-date return to 51.85 per cent, according to stockbrokers’ data.
As a result, total market capitalisation advanced by N5.55 trillion to N152.73 trillion, reflecting growing investor appetite for stocks with strong upside potential despite mixed earnings from some banking names.
Market breadth remained positive at 1.15x, as 48 gainers outweighed 42 losers. Leading the gainers’ chart were Chemical and Allied Products Plc (CAP), UAC of Nigeria Plc (UACN), Airtel Africa Plc, and PZ Cussons Nigeria Plc.
On the downside, stocks such as Cadbury Nigeria Plc, John Holt Plc, eTranzact International Plc, Morison Industries Plc, and Hammak Investments Plc recorded losses.
Sectoral performance was broadly upbeat, with gains recorded in Banking (+1.92%), Consumer Goods (+1.01%), Oil & Gas (+4.54%), Industrial Goods (+6.14%), and Commodities (+2.75%) indices. The Insurance index, however, declined by 1.01 per cent.
Trading activity also strengthened during the session. The number of deals rose by 11.49 per cent to 83,445 transactions, while trading volume surged by 38.96 per cent to 1.33 billion shares. However, the total value of trades dipped slightly by 1.96 per cent to ₦69.09 billion.
Market analysts said the rally reflects strong investor positioning ahead of anticipated full-year dividend declarations, a period that typically drives accumulation of fundamentally sound stocks.
Looking ahead, Cowry Asset Management expects the market to sustain its bullish momentum in the near term, supported by continued interest in dividend-paying equities and improving investor sentiment.