NGX market capitalization surpasses ₦132trn

The Nigerian equities market maintained a bullish trajectory on Tuesday, with the market capitalization of the Nigerian Exchange (NGX) crossing the ₦132 trillion threshold.

This positive momentum was largely propelled by significant rallies in high-cap stocks, most notably Ecobank Transnational Incorporation (ETI) and Stanbic IBTC.

By the close of the trading session, the All-Share Index (ASI) had appreciated by 0.66% to settle at 205,831.38 points, effectively pushing the year-to-date return to a robust 32.27%.

The benchmark’s performance was mirrored by a ₦865 billion increase in market capitalization, which concluded the day at ₦132.49 trillion.

Investor sentiment remained predominantly optimistic, characterized by a positive market breadth where 40 gainers outweighed 21 decliners. Leading the appreciation were ETI, Stanbic IBTC, NGXGroup, Cornerstone Insurance, and MeCure Industries Plc.

Conversely, the market saw notable retreats from FTN Cocoa Processors, McNichols, Academy Press, International Energy Insurance, and Guinea Insurance.

Sectoral indices reflected a broad-based recovery across the exchange. The Oil & Gas and Commodity sectors posted the most significant gains at 4.26% and 2.65%, respectively, while the Banking sector rose by 1.97%.

Other key sectors, including Industrial Goods, Insurance, and Consumer Goods, also closed in positive territory, contributing to the overall upward trend of the market.

Despite the rise in value and index points, overall trading activity presented a mixed outlook. While trading volume surged by 21.12% to reach 569.31 million units, the total number of deals and the aggregate traded value saw declines of 24.70% and 0.61%, respectively, settling at 45,777 deals and ₦32.25 billion.

This suggests a concentration of high-volume trades within specific blue-chip equities even as broader transaction frequency softened.