NGX records impressive 13.8% surge in another historic week
- NGX All-Share Index closes the week with a strong 2.87% gain, reaching 94,538.12 points.
- SEPLAT and BUA Cement lead the gains with a 10% increase, while Dangote Cement sees a gain of 9.98%.
- Market capitalization rises by N1.445 trillion, reaching N51.735 trillion, contributing to the exchange's impressive year-to-date returns of 26.4%.
On the last trading day of the week, the NGX All-Share Index demonstrated a robust 2.87% gain, surging by 2,641.15 points to close at 94,538.12 points. Noteworthy gains were led by significant stocks, including SEPLAT and BUA Cement, each recording a 10% increase, while Dangote Cement saw a gain of 9.98%.
In line with the ASI, the equities market witnessed a substantial rise of N1.445 trillion ($1.5 billion) in market capitalization, reaching N51.735 trillion compared to the previous day's N50.29 trillion. The week marked one of the highest-ever weekly gains for the NGX, with an impressive 13.8% appreciation, contributing to the exchange's year-to-date returns of 26.4%.
However, trading metrics reflected a decline on the day, with a 25.9% decrease in trading volume to 844.49 million units from the previous day's 1.14 billion units. Similarly, there was a 22% reduction in trading value, totaling N15.04 billion, compared to yesterday's N19.29 billion.
In a historic milestone, the equities market capitalization in Nigeria surpassed the N50 trillion mark, reaching unprecedented heights of 94,000 points this week. This achievement marks the first time in history that the Nigerian stock market has achieved such remarkable figures. The upward trajectory in equities is part of a sustained rally that commenced in the second half of 2023. Remarkably, on Wednesday, Nigeria's stock market emerged as the world's best-performing market after a positive closing session propelled it ahead of Argentina, a country it was trailing just the previous week. This development underscores the resilience and strength of the Nigerian equities market, showcasing its capacity to outperform its global counterparts during the specified period.