NGX soars to N248bn gain as Market momentum shatters expectations

By Rukayat Adeyemi

The Nigerian Stock Exchange (NGX) maintained its positive momentum on Friday, closing the week with a N248 billion gain.

The NGX market capitalisation, which opened at N62.918 trillion, added N248 billion, or 0.39 per cent, to close at N63.166 trillion. The All-Share Index also rose by 0.39 per cent, increasing by 406.2 points to settle at 103,586.33, compared to Thursday’s 103,180.14.

Sustained investor interest in tier-one banks such as Zenith Bank, United Bank for Africa (UBA), and Access Corporation, alongside other advancing stocks, propelled the market upward. As a result, the Year-To-Date (YTD) return rose to 0.64 per cent.

The market breadth closed positive with 67 gainers and 11 losers. Abbey Mortgage Bank, Chams Plc, Learn Africa, NCR Nigeria, and Omatek led the gainers’ table, each advancing by 10 per cent to close at N3.30, N2.31, N4.95, N6.05, and N0.88 per share, respectively.

Conversely, Total Nigeria led the losers’ table with a 9.74 per cent drop, closing at N630. Computer Warehouse Group followed with a 6.04 per cent decline, ending at N7 per share.

Other notable decliners included Thomas Wyatt, which fell by 5.26 per cent to N1.80, ABC Transport, which dropped by 4.07 per cent to N1.18, and UACN, shedding 3.19 per cent to close at N31.90 per share.

Market activity showed an increase in turnover compared to the previous session, with the value of transactions rising by 45.48 per cent.

A total of 709.28 million shares worth N8.24 billion were exchanged in 13,593 deals, up from 829.75 million shares valued at N5.67 billion traded in 11,752 deals previously.

Chams led in volume with 58.07 million shares, while FBN Holdings topped in value, with deals worth N492.64 million. (NAN)