Investors in Nigeria’s equities market witnessed a substantial increase in the value of their portfolios, gaining N214.80 billion. The NGX All-Share Index (ASI) surged by 0.55%, concluding at 72,299.79 basis points. This marked a notable improvement from the previous day’s gain of 0.33%, closing at 71,907.26 basis points.
The driving force behind this market upswing was the heightened buying interest in the shares of tier-1 banks. Access Holdings Plc (ACCESSCORP) took the lead with an impressive 8.09% gain, while UBA and Zenith Bank followed suit with gains of 3.45% and 2.54%, respectively.
This surge propelled the NGX ASI’s year-to-date return to an impressive 41.07%. The total volume traded increased by 35.56%, reaching N433.18 million, valued at N8.08 billion and traded in 6,650 deals.
ACCESSCORP emerged as the most traded stock by volume, with N60.18 million, while GTCO claimed the top position for the most traded stock by value, with N1.96 billion units traded.
At the day’s close, the market boasted 34 gainers, 15 losers, and 67 unchanged. The top three gainers were SCOA Nigeria (9.88%), Infinity Trust Mortgage Bank (9.86%), and Access Holdings (8.09%). Conversely, the top three losers were University Press (-9.82%), Sunu Assurance (-9.38%), and Eterna (-8.03%).
Analysts from Parthian Securities Research anticipate the continuation of this bullish sentiment into the next trading session, foreseeing a positive trajectory in the absence of any negative catalyst. The market’s resilience and positive performance reflect a buoyant outlook for investors in Nigeria’s dynamic equities landscape.
