Nigerian Foreign Exchange Maintain Bullish Trend with N403 Billion Gain
Nigeria’s stock market continued its upward trend on Thursday, with the Nigerian Exchange Limited (NGX) recording a N403 billion gain.
This surge was driven by renewed interest in insurance and banking stocks, pushing the market capitalization to N76.6 trillion from N76.2 trillion the previous day.
The All-Share Index rose by 637.30 points, representing a 0.53% increase, and closed at 120,977.20 points. This marks a one-week gain of 0.17%, a four-week gain of 8%, and a year-to-date return of 17.54%.
The positive market sentiment was reflected in the performance of major sectoral indices, with the Insurance Index leading the pack with a 2.76% rise, followed by the Banking Index, which climbed 1.29%.
Trading activities saw 933.4 million shares exchanged in 24,207 deals, valued at N29.3 billion. Although the volume declined by 11%, turnover increased by 141% compared to the previous trading day. Market breadth closed positive, with 54 gainers and 15 losers out of the 128 listed equities.
Top gainers included Berger Paints, Academy Press, Deap Capital Management & Trust, and Guinea Insurance, all of which appreciated by 10%. On the other hand, Neimeth International Pharmaceuticals recorded the highest loss, falling by 8.49% to close at N7.22.
In terms of trading volume, Universal Insurance led with 67.3 million shares, followed closely by Access Holdings and Chams. For value, Seplat topped the list with N13.56 billion worth of trades.
