Boost in Market Cap by N402 Billion Thanks to Gains in MTN, Dangote, and More
The Nigerian Exchange Limited (NGX) witnessed a favourable upturn in the stock market, attributed to the substantial gains made by Dangote Cement Plc and MTN Nigeria Communications stocks.
MTN Nigeria and Dangote Cement led the market with gains of 4.58% and 2.20% respectively, resulting in the NGX All-Share Index increasing by 0.99%. This positive movement led to the index closing at 74,502.58 basis points, a significant improvement from the previous day’s 73,768.64 basis points.
The NGX Market CAP also experienced a notable increase of N401.63 billion, closing at N40.769 trillion compared to the previous day’s N40.367 trillion. This upward trend is a positive development for the stock market.
The year-to-date return for the NGX All-Share Index stood at 45.37%, reflecting a robust performance over the year. However, the total volume traded declined by 11.17%, amounting to N384.58 million with a value of N5.67 billion. These transactions occurred in 8,336 deals. Notably, JAIZBANK emerged as the most traded stock by volume with N49.40 million, while ZENITHBANK led as the most traded stock by value with N1.06 billion units traded.
The positive momentum was particularly evident in stocks with a value exceeding N1 trillion. MTNN (+4.58%), DANGCEM (+2.20%), and ZENITHBANK (+0.53%) all recorded price gains, contributing to the overall market performance. However, GTCO (-0.50%) experienced a marginal price decline.
At the close of trading, 34 gainers, 27 losers, and 58 unchanged stocks were recorded. The top 3 gainers of the day were Ikeja Hotel (10.00%), Multiverse Mining and Exploration (9.96%), and Julius Berger Nigeria (9.94%). Conversely, the top 3 losers were UAC of Nigeria (-10.00%), John Holt (-9.73%), and Deep Capital Management & Trust (-9.38%).
The favourable movement in the stock market signals the potential for sustained growth and stability. It also underscores the resilience of the Nigerian economy amidst challenging circumstances. As the market continues to evolve, astute observers will closely monitor these developments to assess the future trajectory of the stock market.
Cited source: Daily Trust
