Emmanuel OchayiThe Nigerian Exchange witnessed a surge, propelling its market capitalization to N57.28tn, close to the historic N60tn milestone.
The driving force behind this meteoric rise was Dangote Cement, experiencing a 9.93% surge, reaching N13tn from N11.8tn in the previous trading session.
Dangote Sugar Refinery Plc also marked a milestone, joining the league of companies valued at N1tn, with its shares soaring to N82.65.
The All-Share Index, reflecting the market’s overall health, climbed by 2.22%, closing at 104,674.67 points.
The year-to-date gains touched a 39.99%, showcasing the robustness of the Nigerian market.
READ ALSO: NGX: Dangote Cement Becomes First Nigerian Company To Surpass N10trn Market Cap Milestone
Despite the positive trend, market breadth displayed a negative sentiment, with 25 gainers and 39 losers. Oando led the gainers, surging 9.96%, followed by Dangote Cement at 9.93% and Tripple G with a 9.89% increase.
However, Daar Communications and Ikeja Hotel faced losses of 10% each, topping the losers’ table.
Notably, Cadbury, grappling with a N27bn loss in the 2023 financial year, depreciated by 9.80%, closing at N20.70, while the NPF Microfinance Bank lost 8.88%, closing at N1.95.
Driving the market trends were volume and value leaders, including JapaulGold, Dangote Cement, Transcorp, United Bank for Africa, Zenith Bank, and Guaranty Trust Holding Company Plc. With a transaction volume of 683.93 million and a trade value of N25.93bn from 15,887 deals, the market displayed heightened activity.
Analysts foresee a sustained bullish run in the coming week, fueled by anticipation of corporate earnings releases. However, the possibility of profit-taking remains, as investors position themselves amidst potential sectoral rotations and stock pullbacks.
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