NGX Surges To Record Weekly High With 13.8% Gain, Crossing N51trn Market Cap Milestone

In a turn of events, the Nigerian Exchange Group (NGX) witnessed an unprecedented surge in its All-Share Index (ASI), closing the week with a staggering 13.8% gain—the highest weekly increase in recent memory.

This surge propelled the ASI to 94,538.12 points, marking a 2.87% increase on the last trading day. Notably, the market cap soared to an all-time high of N51.74 trillion, reflecting an additional N1.445 trillion in gains.

SWOOT stocks, spearheaded by SEPLAT and BUA Cement, led the charge with remarkable 10% gains each, while Dangote Cement wasn’t far behind, boasting a 9.98% increase. This stellar performance translated into a cumulative N1.445 trillion increase in market capitalization, reaching N51.735 trillion from the previous day’s N50.29 trillion.

However, amidst the bullish trend, trading volume witnessed a significant 25.9% decline to 844.49 million units, and trading value also saw a 22% decrease to N15.04 billion.

READ ALSO: Bulls Charge Ahead As NGX Shatters Records As Market Cap Surpasses N50trn

The NGX’s year-to-date returns now stand at a 26.4%, showcasing the market’s resilience and potential for growth.

Despite the overall positive sentiment, some stocks experienced declines. Notably, LASACO, CILEASING, MBENEFIT, NAHCO, PZ, and SOVRENINS posted losses ranging from 9.09% to 9.85%.

Additionally, FBNH, the only non-SWOOT tier-1 bank, faced a 1.3% decline, contributing to an overall 5% drop for the week.

In the realm of high-value stocks, BUACEMENT, SEPLAT, DANGCEM, ZENITHBANK, MTNN, and ACCESSCORP all recorded gains, underscoring the positive trading sentiment for stocks worth over N1 trillion.

The NGX’s exceptional weekly performance has set the stage for a dynamic and potentially lucrative trading environment, with investors eagerly monitoring the market for further developments.

Emmanuel Ochayi

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Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

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