Emmanuel Ochayi
The Nigerian Exchange Group (NGX) achieved an unprecedented milestone as its All-Share Index (ASI) soared past the 72,000 mark, closing at a record-high of 72,299.79 points on Wednesday.
This surge reflected a gain of N215 billion in equities, propelling the market capitalization to N39.564 trillion. Driving this growth were the robust performances of tier-1 banks within the market.
Join our WhatsApp ChannelACCESSCORP spearheaded the charge with an 8.09% surge, followed by ZENITHBANK’s 2.54% gain and UBA’s 3.45% rise, solidifying their influence on the day’s bullish market trend.
READ ALSO: NGX Sees N130 Billion Gain As ASI Rise By 0.33%
The trading landscape witnessed an upswing as well, with trading volume escalating to 433.18 million units, a notable increase from the previous day’s 319.56 million units. Market turnover also surged to N8.076 billion, marking an uptick from the preceding day’s figure of N5.88 billion.
Key Market Indices for the day’s trading session included the ASI reaching a historic high at 72,299.76 points, registering a day change of +0.55%. The market oscillated between the day’s lowest point at 71,907.26 points and the pinnacle at 72,299.76 points, showcasing the resilience and upward trajectory of the market.
The year-to-date percentage gain stands at +41.07%, signifying the market’s sustained bullish momentum.
Noteworthy among the day’s statistics were the top gainers and losers, with SCOA (+9.88%), INFINITY (+9.86%), and ACCESSCORP (+8.09%) leading the gainers, while UPL (-9.82%), SUNUASSUR (-9.38%), and REGALINS (-8.11%) were among the top losers.
In terms of trading volume and value, ACCESSCORP led the pack in volume traded at 60.18 million units, while GTCO dominated in value at N1.96 billion. Notably, stocks in the banking sector, particularly GTCO and ZENITHBANK, exhibited positive price movements, while others in the SWOOT category remained steady.
The trading session witnessed price gains in tier-1 banks, exemplified by FBNH bouncing back with a 4.97% surge following three consecutive days of losses.
ACCESSCORP, UBA, ZENITHBANK, and GTCO also showcased robust price gains, underscoring the buoyancy and positive sentiment within the banking sector.
The NGX’s breach of the 72,000 mark represents a watershed moment, accentuating the resilience and potential of the market, particularly driven by the performances of tier-1 banks amid positive trading momentum.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
