Emmanuel Ochayi
Insurance firms, Seplat Energy, JapaulGold, and May & Baker Plc spearheaded a remarkable surge, propelling the Nigerian Exchange (NGX) to a significant N317 billion gain, marking the 12th consecutive day of bullish momentum.
The All-Share Index and market capitalization recorded a 0.57% increase, closing at 102,149.93 points and N55.900 trillion, respectively.
Join our WhatsApp ChannelThe year-to-date gains for the benchmark index also climbed to 36.61%, reflecting the market’s robust performance.
Key market metrics, including deals, volume, and traded value, continued their upward trajectory, contributing to the market cap crossing the 100,000 basis points milestone on Wednesday.
Traded equities saw a notable 28.19% improvement, reaching N10.302 billion, while the traded volume increased by 3.21% to 504.194 million units. The number of executed deals rose by 1.28%, reaching 12,235, underscoring the heightened market activity.
Market sentiment remained positive with 33 gainers compared to 29 losers, indicating a favorable trading environment.
National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, expressed optimism, stating that the ASI crossing the 100,000 points mark signaled a positive turn for the market, suggesting an end to the prolonged undervaluation of the capital market.
In a notable development, Seplat Energy Plc emerged as the equity with the highest price on the NGX, closing at N3,074 per unit, contributing to its market cap of N1.809tn. Seplat Energy also exhibited strength on the London Stock Exchange, gaining 4.82% to close at 143.60 British Pound Sterling.
Looking ahead, industry experts anticipate increased capital-raising activities by companies, prompting minority shareholders to be prepared to exercise their rights and consider further investments based on their capacity. Airtel Africa stands as the next equity with a significant price tag, closing at N2,000 per unit with a market cap of N7.516tn.
