NGX Sustains Bullish Trend as Investors Gain N1.5trn in 2 days

The positive sentiment persisted yesterday as investors in the Nigerian Exchange Limited, NGX gained over N1.5 trillion in the first two trading days of the year.

Specifically, the NGX Market capitalisation, which represents the total value of investment on the Exchange, surged to N42.429 trillion on Wednesday from N40.9I7 trillion it opened with on Tuesday.

Investors had earlier gained over N666 billion in the first trading day on Monday and another N846 billion yesterday.

Analysis has shown that gains in Tier-1 banks namely, Zenith Bank rising by 4.23% followed by Guaranty Trust , GTCO 3.49% alongside STANBIC IBTC gaining 3.1% to offset losses in NGX GROUP which dropped by 1.70% , MANSARD Insurance 0.91% and Cadbury 1.17 % to keep the market in the green. Consequently, the benchmark index posted a 2.04% gain to settle at 77,537.57 points. As a result, the year-to-date (YTD) return rose to 3.70%.

The market activities further showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 91.83%. A total of 927.56m shares valued at N10.69billion were exchanged in 11,629 deals.

Market breadth closed positive at a 9.57-to-1 ratio with advancing issues outnumbering the declining ones. Dangote Sugar gained N10.00 to top sixty-six (66) others on the leader’s table while LEARN AFRCA declined by 9.09% to lead six others on the laggard’s table.