Saturday, February 24, 2024

NGX All-Share Index extends bullish run, gains 3.13% as market cap amass N992bn

BY BAMIDELE FAMOOFO

consecutive session, Nigerian equities on Wednesday posted strong gains as the benchmark Index ended 3.13 percent stronger to settle at 59,985.10 points.

Sustained demands in index heavyweight MTNN (+10.00%), alongside ZENITHBANK (+9.74%), GTCO (+9.42%) and SEPLAT (+10.00%) drove the broader index’s strong performance outweighing losses in DANGCEM (-0.98%), BUACEMENT (-6.52%), JBERGER (-4.46%) and ARDOVA (-5.06%).

Consequently, the year-to-date (YTD) return rose to 17.04 percent, with market capitalisation gaining N991.81bn to close at N32.66trn.

Analysis of Wednesday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 9.65 percent.

A total of 1.30bn shares valued at N21.08bn were exchanged in 11,947 deals. UBA (+9.63%) led the volume chart with 230.76m units traded, while GTCO (+9.42%) led the value chart in deals worth N4.20bn.

Market breadth closed positive at a 6.00-to-1 ratio with advancing issues outnumbering declining ones. MTNN (+10.00%) topped fifty-three (53) others on the leader’s table, while BUACEMENT (-6.52%) led eight (8) others on the laggard’s log.

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