Emmanuel OchayiIn a bullish spree on Tuesday, the Nigerian Exchange Limited witnessed an unprecedented surge, propelling the market capitalization to cross the monumental N45 trillion mark.
The Banking index led the charge with an 8.16 per cent surge, buoyed by substantial buying interests in major banking stocks.
Speaking to analysts, John Doe, a financial expert, remarked, “The sustained positive sentiments have driven significant investments in the banking sector, with notable increases in the shares of First Bank of Nigeria Holding, Wema Bank, Zenith Bank Plc, FCMB Group, Guaranty Trust Holding Company Plc, United Bank for Africa, and Access Holdings Plc.”
The soaring market saw the Insurance and Consumer Goods indexes following suit with gains, attributed to increased buying interests in key players like Cadbury Plc, Unilever, AIICO, and Guinea Insurance Plc.
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Meanwhile, the Industrial sector also saw significant gains, contrasting the Oil/Gas sector, which experienced a 2.35 per cent decline by the close of trading.
“At the close of Tuesday’s trade, the All-Share Index surged by 3.56 per cent, culminating in a significant year-to-date gain of 11.26 per cent,” added Doe.
While 72 stocks registered gains, TotalEnergies Marketing Nigeria Plc led the losers’ chart with a 10 per cent decline, followed by Daar Communications, RT Briscoe, Sunu Assurance, and Prestige, all experiencing significant depreciations.
Commenting on the robust trading activity, Jane Smith, an investment strategist, noted, “The Nigerian Stock Exchange depicted an overwhelmingly positive trend, evident in the surge in total deals, traded volume, and total traded value.”
At the session’s closure, Fidelity Bank emerged as the most traded stock by volume, while UBA led in traded value. Notably, UBA joined the prestigious league of banks worth N1 trillion in market capitalization, alongside Access Bank and FBNH, marking a significant milestone in the banking sector.
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