In a remarkable milestone, the Nigeria Exchange (NGX) has continued its bullish momentum, with the All-Share Index crossing the 70,000 mark for the first time in history. The trading day concluded with the index at 70,581.76 points, signifying a historic achievement.
This positive performance in the equities market led to a gain of 1.94%, as the market capitalization appreciated by N739 billion, closing at N38.778 trillion. In the last three days, the market has seen a remarkable increase of N1.357 trillion, reflecting a highly favorable trading period.
The total transactions in the equity market have also shown substantial growth, reaching N2.71 trillion as of the end of September. This figure represents a 38% increase compared to the same period in 2022.
The recent positive rally in the market has been driven by gains in large-cap stocks, including Airtel Africa, First Bank, UBA, and Northern Nigeria Flour Mills. These stocks have played a significant role in propelling the market to new heights.
Regarding market activity, the trading day saw 7,444 deals, slightly lower than the previous day’s 8,027 deals. However, there was a notable 24.5% increase in trading volume, with 601.732 million units traded. The trading value also saw a significant uptick, reaching N11.02 billion, representing an 82.45% increase compared to the previous day’s N6.04 billion.
Regarding trading volume, UBA (+0.48%) led the way with 163.56 million units, followed by FBNH (+9.78%) with 94.65 million shares. GTCO (+1.72%) came in third place with 45.75 million shares, followed by ACCESSCORP (+4.37%) with 36.69 million shares, and UNIVINSURE (+8.33%) with 34.72 million shares.
In terms of trading value, UBA also led the chart with N3.47 billion, followed by FBNH with N1.84 billion, GTCO with N1.60 billion, AIRTEL AFRI with N694.06 million, and ACCESSCORP with N641.99 million.
This historic achievement of the NGX All-Share Index crossing the 70,000 mark reflects the positive sentiment and investor confidence in the Nigerian equities market. It’s an important milestone for the market and a testament to the resilience and potential of Nigeria’s financial sector. Stay tuned for further developments and insights from the Nigerian stock market.
