Market Cap Hits N130trn Record High on Gains in Key Sectors 

Kayode Tokede  

The stock market section of the Nigerian Exchange Limited (NGX) yesterday sustained its positive momentum, with market capitalisation reaching a record high of N130 trillion, amid gains in key sectors and improved investor sentiment.

The NGX All Share Index gained by 1,084.52 basis points or 0.54 per cent to close at 202,559.41 basis points from 201,474.89 it opened for trading. Also, market capitalisation rose by N696 billion to close at N130.026 trillion from N129.33 trillion it closed the previous day.  

The momentum was driven by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement Plc, Nigerian Aviation Handling Company (NAHCO), Zenith Bank Plc, Dangote Cement Plc and Guaranty Trust Holding Company Plc (GTCO).

The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola in a statement had described the milestone as a sign of growing confidence in Nigeria’s capital market.

He added that,  “Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively. Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market as a catalyst for long-term wealth creation and sustainable economic growth.”

However, the market breadth was positive, with 39 advancing stocks surpassing 34 declining counters. BUA Cement followed with a gain of 10 per cent to close at N326.70, per share. Premier Paints followed with a gain of 9.86 per cent to close at N23.40, while Zenith Bank up by 7.91 per cent to close at N111.15, per share.

NAHCO up by 7.14 per cent to close at N175.60, while R.T. Briscoe and VFD Group rose by 6.67 per cent each to close at N11.20 and N12.00 respectively, per share.

On the other hand, Presco led the losers’ chart by 10 per cent to close at N1,875.60, per share. Caverton Offshore Support Group followed with a decline of 8.70 per cent to close at N6.30, while Secure Electronic Technology declined by 7.69 per cent to close at N1.20, per share.

Guinea Insurance depreciated by 6.43 per cent to close at N1.31, while International Breweries declined by 6.35 per cent to close at N14.00, per share.

Also, the total volume traded surged by 41.22 per cent to 1.752 billion units, valued at N88.095 billion, and exchanged in 62,654 deals. Transactions in the shares of FCMB Group topped the activity chart with 516.227 million shares valued at N6.555 billion. Wema Bank followed with 213.386 million shares worth N5.566 billion, while Zenith Bank traded 163.107 million shares valued at N18.100 billion.

Access Holdings traded 123.850 million shares valued at N3.168 billion, while GTCO sold 100.017 million shares worth N12.356 billion.

Imperial Asset Managers said that “overall, the session reflects sustained investor optimism, supported by continued demand for fundamentally sound stocks and improved market liquidity.”

On market outlook, United Capital Plc said, “the market’s structural bull run remains intact, supported by the CBN’s rate cut and improving macro visibility, but investors should remain alert to global risk-off sentiment and potential profit-taking as valuations stretch.”