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

Market Surge Propels Dangote Sugar, FCMB, UBA, Others As ASI Hits Record 77,000 Mark

7 months ago
1 min read

The Nigerian stock market witnessed an electrifying surge, pushing the NGX All-Share Index to a historic high of 77,537.57 points, marking a 2.04% increase in a single trading session.

Following yesterday’s crossing of the 75,000 milestone, this ascent saw equities gain N847 billion, propelling the market capitalization to N42.430 trillion.

Driving this bullish trend were notable performances from key players like Dangote Sugar, UBA, and NASCON, all experiencing a significant 10% gain, amplifying investor optimism and confidence in the market.

The trading volume skyrocketed to 927.558 million units, a leap from the previous day’s 515.807 million units, while the value traded also surged to N10.69 billion, an increase from yesterday’s N5.57 billion.

READ ALSO: FBNH, GTCO, FCMB Join NGX Banking Index As Market Caps Gain Over N13trn In 2023

Notably, Dangote Sugar, NASCON, UBA, Berger, Custodian, and FCMB emerged as the top gainers, all securing a 10% increase in their stock prices, consolidating their positions, and contributing to the market’s upswing.

Conversely, a few stocks experienced losses, with Learn Africa, Champion, CILEASING, NGXGROUP, Ellah Lakes, and Cadbury marking declines, albeit amidst an overall bullish market sentiment.

The trading scene was dominated by high-volume stocks, with Fidelity Bank, FCMB, and UBA leading in terms of volume traded. At the same time, UBA, Fidelity Bank, Access Bank, Zenith Bank, and FCMB topped the charts in value traded.

In the SWOOT and FUGAZ categories, a positive trading environment was evident for stocks valued at over N1 trillion, with notable gains from BUA Foods, Zenith Bank, and GTCO.

However, other members within this category like Airtel Africa, BUA Cement, Dangote Cement, MTN Nigeria, and Seplat observed stagnant price movements.

The buoyancy in tier-1 banks’ performances, particularly FBNH, UBA, GTCO, Access Bank, and Zenith Bank, was pivotal in driving the overall positive market trajectory, setting a promising tone for the days ahead.

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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.


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