NGX rallies further as benchmark index crosses 100,000 points
TLDR
- Nigerian Exchange (NGX) All-Share Index increases by 3% to reach 101,571.11 points, marking a significant surge.
- Market capitalization rises to N55.58 trillion ($55 billion) as equities gain N1.62 trillion, a 3% increase.
- Trading volume declines by 34.65% and trading value experiences a 50.6% decrease compared to the previous day.
The bullish trend in the Nigerian Exchange (NGX) seems unabated, with the All-Share Index recording a 3% increase mid-week, reaching 101,571.11 points. This marks a significant surge of 2,954.14 points from the previous day's closing figure of 98,616.97 points.
The market capitalization also witnessed a notable uptick, reaching N55.58 trillion ($55 billion) as equities gained N1.62 trillion. This translates to a 3% increase compared to the previous day's market cap of N53.97 trillion. Noteworthy contributors to today's market rally include familiar names such as BUA Cement, which gained 9.98%, Dangote Cement with a gain of 6.49%, and BUA Foods, which saw an increase of 5.49%.
However, despite the positive momentum, there was a decline in trading volume, which decreased by 34.65% to 488.49 million units from the previous day's figure of 747.51 million units. Additionally, trading value experienced a 50.6% decline to N8.04 billion compared to the previous day's N16.28 billion.
Key Takeaways
The NGX appreciated by 8.32% to close the week ended Friday, January 26 at 102,401.88 points and N56.038 trillion respectively, as against the preceding week’s 94,538.12 points and N51.735 trillion respectively. The market’s year-to-date (YtD) return increased to 36.95%. In the review trading week, all other indices finished higher with the exception of NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX MERI Growth, NGX Growth, and NGX Sovereign Bond which depreciated by 1.63%, 4.10%, 2.36%, 3.71%, 1.38%, and 0.68% respectively while the NGX ASeM index closed flat. Thirty-five equities appreciated in price during the review trading week, lower than 81 equities in the preceding week. Sixty-five equities depreciated in price, higher than 58 in the preceding week, while 55 equities remained unchanged, higher than 16 recorded in the preceding trading week.
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