Nigerian Exchange Records Significant Surge, Market Turnover Rises by 12.97%

In Tuesday’s trading session, the domestic bourse witnessed a notable uptick, propelling the market turnover on the Nigerian Exchange Ltd. (NGX) to a 12.97% increase.

Market data indicates a substantial exchange of 747.51 million shares valued at N16.28 billion across 16,589 deals.

This surge reflected in the All-Share Index, which climbed by 2,848.85 points or 2.97%, concluding at 98,616.97, a notable rise from Monday’s 95,768.12.

The Year-To-Date (YTD) return also saw an uptick, reaching 31.89%.

The market capitalization experienced a gain of N1.56 trillion or 2.97%, settling at N53.967 trillion, compared to the previous day’s N52.408 trillion.

The stellar performance of industrial heavyweights, including Dangote Cement, BUA Cement, and Seplat, contributed to sustained buying interest in the market.

On the volume chart, Transcorp took the lead with 77.71 million shares worth N1.29 billion, followed by Sterling Nigeria, trading 72.31 million shares valued at 485.73 million.

United Bank of Nigeria (UBA) recorded 52.99 million shares traded at N1.57 billion, while Access Holdings garnered 47.16 million shares valued at N1.35 billion. Zenith Bank also contributed with 32.02 million units traded, amounting to N1.34 billion.

In terms of percentage gains, BUA Cement and Seplat led with 10% each, closing at N163.35 and N2795.10 per share, respectively. Dangote Cement followed closely with a 9.99% increase, closing at N651.80, while Eterna Plc gained 9.92%, closing at N27.70. Meyer Plc also posted a growth of 9.88%, closing at N3.56 per share.

On the flip side, May & Baker Nigeria, Deap Capital Management & Trust, John Holt Plc, Mutual Benefits, and The Initiative Plc experienced a loss of 10% each, closing at N7.38, 81k, N2.70, 72k, and N2.52 per share, respectively.

Despite the positive momentum, market breadth closed negative, with 50 equities on the laggard’s table and 17 on the gainers’. (NAN)

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