The Nigerian Exchange (NGX) market capitalization surged to its biggest value ever to settle at N102.68 trillion, translating to N409.66 billion improved wealth for investors.
The feat, based on the data from the Nigerian Exchange Group, the local bourse’s supervisory group, was achieved despite the moderation in market breadth to 0.92x from Tuesday’s 3.10x, thus extending gains into the 17th consecutive trading session.
Also, the NGX All-Share Index advanced by 0.40% to close at an all-time high of 160,591.76 points, as investors intensified their stake on promising stocks such as SEPLAT and OKOMUOIL, both of which closed up by 10.00%.
Similarly, trading activity on the local bourse was uptick, with total volume and value traded rising by 89.82% and 4.31%, respectively, as 1.44 billion units exchanged hands for N20.68 billion.
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According to the NGX data, much against experts’ expectations, the Banking index emerged as the only loser at the end of the day’s trading session, shedding 0.98% following losses in ACCESSCORP, ETI, GTCO, and FIRSTHOLDCO.
Meanwhile, the Oil & Gas index topped the gainers’ chart, advancing 3.88%, largely due to SEPLAT’s 10.00% rally, which offset depreciations in ARADEL and OANDO stocks’ values. The Insurance index followed with a 1.08% gain, while the Industrial Goods and Consumer Goods indices appreciated by 0.50% and 0.48%, respectively.
A further analysis of the trading session reflected that UNIVINSURE dominated the volume chart, accounting for 55.82% of total turnover, largely on the back of a strategic off-market transaction while SEPLAT led the value chart, recording N3.49 billion, representing 16.91% of total value traded.
As expected, the market sentiment ended favourably for investors, with the up/down ratio improving to 3.88x and the TRIN index easing to 0.27 from 0.50, representing sustained buying pressure.
However, market breadth closed negative at 0.92x, with 38 losers compared with 35 gainers at the close of the trading session.
