…Market Cap Hits All-Time High N106.78Trn
Nigerian equities market sustained its growth momentum on Wednesday, with the All-Share Index (NGX ASI) advancing by 0.56% to close at 166,771.95 points, driven by strong price appreciation in SEPLAT (+8.57%) and ARADEL (+5.54%).
As a result of the strong performance of some blue chip stocks, investors’ wealth expanded by N598.40 billion, lifting total market capitalization to N106.78 trillion.
Data from the Nigerian Exchange Group (NGX) on the equities market’s trading showed that even then, trading activity moderated, as total volume and value traded declined by 32.64% and 11.01% respectively.
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The data reflected that a total of 761.93 million units were exchanged for N29.84 billion during the trading session, despite total deals rising by 13.33% to 55,739, indicating increased participation but with smaller trade sizes.
According to the NGX data, sectoral performance remained broadly bullish, with all sectors closing in the green except the Consumer Goods sector, which declined by 0.20% amid renewed profit-taking in HONYFLOUR (-1.29%), INTBREW (-0.67%), NASCON (-4.17%), NB (-0.29%) and PZ (-6.52%) outweighing gains in DANGSUGAR, MCNICHOLS, VITAFOAM and CHAMPION.
The data further indicated that CHAMPION advanced by 6.21% to close at NGN 17.10, trading at a premium to its offer price of NGN 16.00, supported by strategic off-market transactions.
Conversely, the Oil and Gas sector led overall market performance, buoyed by renewed investor interest in SEPLAT and ARADEL, which more than offset declines in ETERNA and OANDO. Consequently, the sector index gained 6.26%, extending its year-to-date return to 14.91% and positioning it as the best-performing sector.
The Insurance index also rebounded, closing 0.78% higher due to gains in MBENEFIT, ROYALEX and SOVRENINS while the Banking and Industrial Goods indices marginally gained, due to price upticks in ZENITHBANK, WEMABANK, TRIPPLEG and MEYER.
The data showed that in terms of activity, ACCESSCORP led volume traded, with 53.41 million units exchanged, while the value traded remained concentrated in blue chip stocks, with ARADEL, SEPLAT, MTNN, ZENITHBANK and ACCESSCORP jointly accounting for 57.41% of total turnover.
Overall, the market breadth eased to 1.68x, with 47 gainers outpacing 28 decliners, while the up-down ratio moderated to 2.64x from 3.82x, reflecting a more improved performance
