Extension of Positive Performance in Nigerian Stock Market

The Nigerian stock market has continued its upward trajectory, with FBN Holdings Plc and 33 other companies contributing to a significant increase in the overall market capitalisation by N306 billion.

The NGX All Share Index (NGXASI) rose by 0.78 per cent to close at 71,808.64 basis points, driven by a surge in buying interest in FBN Holdings, which gained 9.91 per cent, as well as gains in Access Holdings (9.04 per cent) and Stanbic IBTC Holdings (5.60 per cent).

This positive momentum resulted in the market capitalisation increasing to N39.295 trillion from N38.989 trillion, representing a substantial growth in the market’s value.

Despite this overall positive trend, performance across the sectors was mixed. The NGX Insurance sector experienced a 2 per cent decline, while the NGX Consumer Goods depreciated by 0.1 per cent. On the other hand, the NGX Industrial Goods and NGX Oil & Gas indices remained relatively unchanged.

In the banking sector, there was a substantial gain of 5 per cent, marking it as the sole gainer for the day. This positive market sentiment was further evidenced by the fact that 34 stocks recorded gains, in comparison to 22 stocks that experienced losses.

Thomas Wyatt Nigeria emerged as the highest price gainer, with a 9.93 per cent increase in its share price. Following closely behind were FBNH with a 9.91 per cent gain, and Multiverse Mining and Exploration with a 9.90 per cent increase in their respective share prices.

Conversely, AXA Mansard Insurance led the decliners with a 9.69 per cent decrease in their share price, followed by Guinea Insurance with a decline of 9.68 per cent, and Oando with a 9.13 per cent decrease in their share prices.

The total volume of shares traded saw a significant increase of 61.2 per cent, totalling 690.01 million units valued at N12.10 billion, and exchanged in 8,412 deals. The most actively traded shares included Guaranty Trust Holding Company (GTCO) with 76.703 million shares worth N3.04 billion, United Bank for Africa (UBA) with 74.567 million shares valued at N1.658 billion, and Fidelity Bank with 65.633 million shares valued at N596.318 million.

The upbeat trading day demonstrates the sustained positive performance of the Nigerian stock market, with investors showing strong interest in various sectors and companies. The impactful strides made by FBN Holdings Plc and other leading companies have contributed to bolstering the market’s overall capitalisation, indicative of the continued confidence in the Nigerian economy’s growth prospects.

As the market continues to show resilience amidst the prevailing economic challenges, investors remain optimistic about the potential for further growth and stability in the Nigerian stock market.