NGX Surges by N308bn on Strong Blue-Chip Demand

The Nigerian Exchange Limited (NGX) extended its bullish run on Thursday, gaining N308bn in market capitalisation as sustained investor interest in blue-chip stocks lifted the overall performance of the market.

At the close of trading, the market capitalisation of listed equities rose to N92.8tn from the previous day’s N92.5tn, while the benchmark All-Share Index advanced 485.22 points, or 0.33 per cent, to close at 146,204.31 basis points.

The gain marks the third consecutive rise this week, driven largely by positive sentiment across key sectors, particularly insurance, industrial goods, and premium stocks.

Trading data showed that investors exchanged 346.95 million shares valued at N27.42bn in 24,661 deals. This represented a 34 per cent decline in trading volume, a 102 per cent improvement in turnover, and a 4 per cent drop in the number of deals compared with the previous trading session.

A total of 129 listed equities participated in the day’s trading, with 32 gainers and 21 losers. Eunisell Interlinked led the gainers’ chart with a 10 per cent appreciation to close at N44.00 per share, followed by Caverton Offshore Support Group, which also gained 10 per cent to close at N6.93 per share. Sunu Assurances Nigeria rose 9.9 per cent to N5.77, while Industrial and Medical Gases appreciated 9.1 per cent to N35.95 per share.

On the losing side, FTN Cocoa Processors recorded the highest decline, shedding 6.67 per cent to close at N5.60 per share. Tantalizers lost 3.35 per cent to N1.44, Fidelity Bank dropped 2.38 per cent to N11.45, while PZ Cussons Nigeria depreciated by 2.18 per cent to N22.50 per share.

Fidelity Bank recorded the highest volume of traded shares at 42 million units, followed by Dangote Cement with 20.9 million shares, Sterling Bank with 19.8 million shares, and Jaiz Bank with 19.5 million shares.

Across the indices, market performance was largely positive. The Industrial Index advanced 0.67 per cent, the Insurance Index gained 0.64 per cent, the Premium Index rose 0.57 per cent, the Consumer Goods Index added 0.43 per cent, and the Banking Index improved 0.26 per cent.

Week-on-week, the All-Share Index has gained 2.26 per cent, while on a four-week basis, it has appreciated by 4.16 per cent, bringing its year-to-date gain to 42.05 per cent.

Market analysts attributed the sustained rally to renewed investor confidence, improved corporate earnings, and steady demand for high-value stocks, particularly in the industrial and insurance sectors.

Economic Confidential reported that the Nigerian Exchange maintained its bullish momentum on Wednesday as renewed investor confidence pushed the market capitalisation higher by N459bn, driven by sustained interest in banking and oil stocks.