NGX All-Share Index off to a strong start as market cap gains N188bn

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BY BAMIDELE FAMOOFO

Uba Group

In the first trading day of the year, the Nigerian equities opened on a bright note as the benchmark index gained 0.67 percent to close at 51,595.66 points – the highest point since July 22, 2022.

The positive performance was driven primarily by gains in index heavyweight BUAFOODS (+10.00%) alongside Tier-1 banking names, GTCO (+1.09%), FBNH (+3.21%), and ACCESSCORP (+3.53%).

As a result, year-to-date return stood at 0.67 percent while market capitalization gained N187.90 billion to close at N28.10 trillion.

Analysis of Tuesday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 40.86 percent.

A total of 321.67 million shares valued at N4.35 billion were exchanged in 4,122 deals.

FBNH (+3.21%) led the volume chart and value chart with 207.62m units traded in deals worth N2.47 billion.

Market breadth closed positive at a 2.38-to-1 ratio with advancing issues outnumbering declining ones.

BUAFOODS (+10.00%) led 18 others on the gainer’s log, while FCMB (-8.83%) topped seven others on the laggard’s table.