NGX: Market cap hits N1.52trn, as ASI nears 252,500 mark

The Nigerian Exchange (NGX) extended its bullish run on Tuesday as sustained buying interest in high-value counters pushed the benchmark index to a fresh high. 

This is as the All-Share Index (ASI) appreciated by 0.77%, closing at 252,411.67 points from the 250,485.54 points recorded in the previous session. 

Reflecting the intensity of the rally, market capitalization advanced by a staggering N1.52trn, while the Year-to-Date (YTD) return strengthened further to 62.20%, reinforcing investor confidence and sustaining the market’s upward momentum.

Market sentiment remained firmly positive with 45 gainers outperforming 33 decliners by the close of trade. 

The surge was spearheaded by top-tier performers across several sectors, including IKEJAHOTEL and UHOMREIT, which both gained a maximum 10.00%, followed closely by Nigerian Breweries (NB) with a 9.94% jump. 

Other significant gainers included PZ at 9.55%, UNILEVER at 7.67%, and ARADEL at 6.89%. In the banking sector, ACCESSCORP climbed 6.22%, while FBN Holdings (FIRSTHOLDCO) and WEMABANK saw gains of 5.97% and 5.11% respectively. 

Notably, ZICHIS, FTNCOCOA, and NB all hit new milestones by trading above their 52-week highs during the session.

Trading activity also witnessed a massive spike as total volume traded increased by 36.48% to 2.03bn units, valued at N87.71bn across 80,888 deals. 

CWG dominated the volume charts with 432.90m units, accounting for 21.35% of the day’s total turnover. In terms of liquidity, UBA claimed the top spot with a staggering N16.78bn in traded value, representing 19.13% of the market’s total value for the day. 

While FTGINSURE emerged as the leading decliner, the overall market remains characterized by a risk-on sentiment as investors continue to position themselves within large- and mid-cap counters.