Nigerian stock market soars as investors gain N1.8tn in one day
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Deap Capital Management had the highest trading volume, with 283.12 million shares exchanged, making up 21.73 percent of the total shares traded that day.
Nigeria’s stock market continued its strong performance on Tuesday, with investors making a total gain of N1.838 trillion.
At the close of trading, the market capitalization of the Nigerian Exchange (NGX) increased from N111.658 trillion to N113.496 trillion. This represents a 1.65 percent rise, adding N1.838 trillion in value.
The All-Share Index (ASI), which measures the overall market performance, also rose by 1.65 percent. It moved from 173,946.22 points to 176,809.43 points, gaining 2,863.21 points.
The market growth was driven by strong investor interest in stocks such as Etranzact, John Holt, Deap Capital Management, Omatek, Vitafoam, and 61 other companies.
As a result, the market’s year-to-date return increased to 13.62 percent. Market breadth was positive, with 66 stocks gaining value while 22 recorded losses.
Top gainers included Etranzact, John Holt, Deap Capital Management, and Omatek Ventures, which each gained 10 percent. Their share prices closed at N20.35, N8.80, N8.25, and N3.19 respectively.
On the losing side, Abbey Mortgage Bank recorded the biggest drop, falling by 9.82 percent to close at N12.40 per share. Other companies that recorded losses included Skyway Aviation Handling Company, Guinea Insurance, Consolidated Hallmark Holdings, and Livestock Feeds.
In total, investors traded 1.3 billion shares worth N50.4 billion in 58,965 deals. Compared to Monday’s trading, this shows a 35 percent increase in the number of shares traded and a 75 percent rise in the total value of transactions, although the number of deals fell by 11 percent.
Deap Capital Management had the highest trading volume, with 283.12 million shares exchanged, making up 21.73 percent of the total shares traded that day.
MTN Nigeria recorded the highest value of trades at N6.80 billion, accounting for 13.49 percent of the total market value traded.
On Monday, investors had already recorded a gain of N1.4 trillion, showing that the market’s upward trend is continuing.
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