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

Oando, Mecure, Others Top Gainers As NGX Crosses 71,000 Mark

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The Nigerian Exchange Group (NGX) breached the 71,000 mark, fostering a celebratory atmosphere among investors as the All-Share Index escalated by 0.25%, culminating in a closure at 71,014.34 points.

This advancement not only signified the market’s resilience but also set a new record in the financial landscape.

The market capitalization, mirroring this exuberance, soared to N39.054 trillion, bolstered by an N113 billion gain, an unprecedented feat in the market’s history.

The standout performer, Mecure, once again demonstrated its mettle by amassing a gain of 9.92%, concluding the trading session at N5.21. However, stealing the limelight was Oando Plc, which surged by 10%, propelled by the news of its $800 million deal with Afreximbank, thereby inciting a flurry of positivity among investors.

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In a juxtaposition of statistics, the number of deals saw a slight dip to 6,172 from yesterday’s count of 6,533, while the trading volume experienced a 9.2% decline to 297.354 million units from the previous day’s 327.426 million units. Nonetheless, the trading value showcased a robust 82.8% upswing, ascending to N6.16 billion, a testament to the market’s dynamism.

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Directing attention to the top gainers, Oando, Omatek, Mecure, CILEASING, and Meyer outshone others, exhibiting gains of 10.00%, 10.00%, 9.92%, 9.87%, and 9.73% respectively.

Conversely, SCOA, SOVERNINS, CORNERST, CADBURY, and AIICO grappled with losses, with SCOA leading the pack at -9.68% closure.

In the realm of top-traded stocks, Oando dominated the volume chart, boasting 27.97 million units, followed by AIICO with 23.04 million units. Meanwhile, Nestle spearheaded the trading chart with N2.34 billion, while Oando also surfaced among the top trading stocks with N315.3 million.

Shifting the focus to the SWOOTs (stocks worth over one trillion) and FUGAZ (tier-1 banks), GTCO, MTNN, and BUACEMENT flourished with price appreciations, whereas ZENITHBANK grappled with a decline. Among tier-1 banks, GTCO and ACCESSCORP recorded gains, while FBNH, ZENITHBANK, and UBA faced price declines.

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In the wake of these monumental market movements, optimism reverberates among investors, hinting at a buoyant trajectory for Nigeria’s financial landscape.

The NGX’s persistent upward trajectory continues to inspire confidence and heralds a promising outlook, fueling hopes for sustained growth and prosperity in the nation’s financial sphere.

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