Nigerian Equities Surge To Global Top 3, As Returns Hit N8.7trn

FBNH, Cadbury, Others Top Gainers As NGX Records Highest Single-day Gain Since June

5 months ago
1 min read

The Nigerian Stock Exchange (NGX) experienced a surge, not seen since June 2023, catapulting the All-Share Index by 3.57%.

This surge, propelling it to 83,191.84 points, represents a remarkable milestone amid the ongoing 2024 market boom.

This surge in the All-Share Index, gaining 2,867.31 points, comes hot on the heels of the index breaching the coveted 80,000 mark just a day prior, signaling an intensified upward trajectory.

Market dynamics translated into gains, with equities skyrocketing by approximately N1.567 trillion. This propelled the market capitalization by 3.57%, reaching N45.524 trillion, marking a notable surge from the previous day’s N43.957 trillion.

READ ALSO: NGX Sustains Bullish Trend, Banking Stocks Drive Market Activity As ASI Rises By 0.62%

Among the standout gainers in this exhilarating market rally were FBN Holdings (First Bank), marking a robust 10% gain to resurge into the SWOOT category. Consumer goods titans, Unilever and Cadbury, mirrored this momentum, each recording a significant 10% surge.

Trading volumes surged by 18.5% to hit 1.41 billion units, a notable uptick from the previous day’s 1.19 billion units. Simultaneously, trading value witnessed a 61.7% surge, soaring to N24.68 billion from the previous day’s N15.26 billion.

The day’s significant market indices were as follows: NGX All-Share Index at 83,191.84 points, a day change of +3.57%, fluctuating between 80,302.25 and 83,240.25 points, with a year-to-date change of +11.26%, showcasing a market capitalization of N45.52 trillion, and trading activity involving 1,410 million units valued at N24.68 billion.

Notable gainers included FBNH, CADBURY, UNILEVER, FTNCOCOA, MBENEFIT, and GUINEAINS, each recording a 10.00% increase. Among the top losers were TOTAL, DAARCOMM, RTBRISCOE, SUNUASSUR, PRESTIGE, and THOMASWY, facing declines ranging from -6.37% to -10.00%.

Dominating trading volumes were FIDELITYBK, FCMB, UBA, TRANSCORP, and ACCESSCORP, with significant percentage changes and varying trading unit volumes.

In the elite league of stocks worth over N1 trillion, the trading sentiment remained overwhelmingly positive, witnessing substantial gains across most members of the SWOOT category. Tier-1 banks significantly propelled this uptrend, with FBNH, UBA, GTCO, ACCESSCORP, and ZENITHBANK marking impressive gains.


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