Emmanuel OchayiIn a session on Tuesday, the Nigerian Exchange Limited soared to new heights, witnessing the All-Share Index surge by an impressive 3.93% to reach a historic high of 87,971.09 points.
Simultaneously, market capitalization experienced a parallel ascent, climbing to N48.139tn, marking a significant gain of N1.8tn for investors.
Join our WhatsApp ChannelThe bullish trajectory was fueled by notable price surges in major stocks, such as Dangote Sugar, Nascon Allied Industries, Berger Paints, Flour Mills, Honeywell Flourmills, Lafarge Africa, Nigerian Breweries, Transcorp, Universal Insurance Plc, FTN Cocoa, and Sterling Financial Holdings Company Plc. All these stocks closed with a 10% appreciation.
FBN Holdings reentered the spotlight by surpassing the N1tn market capitalization level, reaching an N1.053tn. The company had achieved this milestone the previous week before briefly dipping below market expectations.
Market sentiment leaned decidedly positive, with 77 stocks recording gains against 10 on the losers’ table. On the flip side, Royal Exchange Plc took the lead among decliners, experiencing an 8.16% depreciation to close at N0.90 per share.
The day’s market trends were further defined by significant volume and value drivers, prominently featuring JaizBank, AIICO, FCMB Group, Transcorp, Nascon, and NB. Transaction volume for the day reached 1.09 billion, a notable increase from the previous day’s 807.51 million, with trades valued at N16.04bn from 14,835 executed deals. A total of 123 stocks were actively traded during the session, showcasing the robust and dynamic nature of the Nigerian Exchange’s current market landscape.
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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