The Nigerian Exchange sustained its bullish trend on Thursday with the All Share Index (ASI) surging to a new all-time high of 109,172.04 points.
As expected, investors gained N842 billion, as market capitalization also climbed 1.25% to settle at N68.11 trillion at the end of the buying and selling of stocks.
Listed stocks like HONYFLOUR continued to gain due to some strong fundamentals, including its remarkable 123.4% year-on-year revenue growth as of the third quarter of 2024, the brand re-launch, and a favourable outlook on projected total returns by year-end.
Data from the Nigerian Exchange Group (NGX) showed that from the sectoral indices showed that similarly, at the end of today’s trading, the broad market index appreciated by 1.25%, pushed by high-cap stocks like DANGCEM (+10%), just as the NGX ASI performance was positive as four out of the five sectors recorded gains.
The impressive gain of 4.66% in the Industrial Goods Index was linked to the gains in DANCEM 10%, followed by the Banking Index which recorded a 0.59% uptick, and closely followed by the Insurance Index with a modest gain of 0.07% associated with gains in REGALINS 10%, SUNUASSUR 10%.
Conversely, losses were recorded in CONOIL (-1.86%), ETERNA (-6.57%), JAPAULGOLD (-0.46%) and OANDO (-0.85%) stocks, thereby weighing down the Oil and Gas index by 0.23%.
According to the trading data, financial sector stocks dominated the volume charts, with UNIVINSURE, WEMABANK, STERLINGNG, AIICO, and FIDELITYBK accounting for 24.82% of total volume traded while on the value chart, Banking and Oil & Gas stocks led with ZENITHBANK and ARADEL contributing over 17% of total traded value despite unchanged stock prices.
In addition, UBA also stood high in the value chart with N485.85 billion, following the approval of its financial year 2024 financial statements and final dividend declaration, even though the stock value dipped 0.76%, closing at N39.
Overall, the 7-day moving average continued its upward swing, indicating continued price appreciation with market breadth returning 1.40x with 35 gainers compared to 25 losers at the end of the day’s trading session
