Emmanuel Ochayi
In a turn of events, the Nigeria Exchange Limited witnessed a surge, with the All-Share Index (ASI) skyrocketing to 90,063.25 points.
This bullish momentum wasn’t just a fleeting affair, as market capitalization soared by 3.78%, reaching N49.284 trillion and securing a notable gain of N1.145 trillion for astute investors. The ongoing trading week has proven to be exceptionally lucrative, with investors pocketing N3.842 trillion.
While some stocks experienced fluctuations, the standout performers stealing the spotlight included Sterling Financial Holdings Company Plc, Jaiz Bank, United Bank for Africa, Access Holdings, and Dangote Sugar. Interestingly, the banking sector emerged as the sole laggard, witnessing a 3.26% decline, while other sectors, including insurance, consumer goods, oil & gas, and industrial goods, recorded gains ranging from 0.45% to a 8.76%.
Market Breadth, a barometer of investor sentiment, revealed a shift as gainers dipped to 48 from 77, with declining equities rising to 35 from 10.
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Notable gainers included AIICO, Sunu Assurance Plc, Guinness, Honeywell Flour Mills, Wema Bank, and BUACement, all experiencing a robust 10% increase.
Conversely, RT Briscoe led the decliners, losing 10%, accompanied by Dangote Sugar, NGX Group, RedStarEx, and Sterling Financial Holdco.
The trading day’s volume and value drivers were Sterling Holdco, JapaulGold, Transcorp, JaizBank, Unity Bank, Nigerian Breweries, and Zenith Bank. Transaction volume hit 1,298 billion, trades valued at N16.38 billion, with 124 stocks changing hands.
The market, pulsating with energy, leaves investors eagerly anticipating what the next sessions will unveil.
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.
