NGX capitalization surpasses N70 trillion mark as bull run continues

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The Nigerian Exchange Limited (NGX) witnessed a sustained bull run in the equities market, with the overall capitalisation crossing the N70 trillion mark. The All-Share Index (ASI) gained 1,721.29 points, representing a 1.57% increase, to close at 111,606.22 points. Market capitalisation also rose by N1.085 trillion to close at N70.377 trillion.

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The upturn was driven by price appreciation in large and medium-capitalised stocks, including Airtel Africa, Aradel Holdings, Okomu Oil, Nigerian Aviation Handling Company (NAHCO), and Lafarge Africa. Afrinvest Limited noted that the positive momentum is expected to continue into the next trading session as investors evaluate upside potential in tickers with sturdy earnings performances.

“We expect the positive momentum to carry into the next trading session as investors continue to evaluate upside potential in tickers with sturdy earnings performances,” Afrinvest Limited said.

The market breadth closed positive, with 36 gainers and 21 losers. Airtel Africa emerged as the highest price gainer, with a 10% increase to close at N2,372.50. Other notable gainers included Omatek Ventures, Cornerstone Insurance, NAHCO, and University Press.

On the other hand, McNichols led the losers’ chart with a 9.80% decline to close at N2.21, followed by CWG, Champion Breweries, Red Star Express, and Jaiz Bank.

The total volume traded rose by 1.13% to 409.571 million units, valued at N9.870 billion. Custodian Investment led the activity chart with 37.589 million shares worth N752.119 million, followed by Fidelity Bank, Veritas Kapital Assurance, Zenith Bank, and Access Holdings.

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