Nigeria market capitalisation crosses N160trn mark
The equities market section of the Nigerian Exchange Limited (NGX) commenced the new week on a positive note, with market capitalisation crossing the historic N160 trillion threshold .
The surge was driven by the listing of 8.09 billion new ordinary shares of Dangote Sugar Refinery on the Exchange, boosting investor confidence and trading activity.
The NGX All-Share Index (ASI) gained 707.34 basis points or 0.29 per cent to close at 247,699.78 basis points. Also, market capitalisation rose by N1.041 trillion to close at N160.600 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, MTN Nigeria Communications (MTNN), Zichis Agro Allied Industries, International Breweries and Ellah Lakes.
Analysts noted that the session was characterized by bullish sentiment and weaker trading activity, as renewed buying interest supported another positive close for the market.
Looking ahead, Cowry Assets Management Limited said, “the market is expected to maintain its positive momentum as investor sentiment firms up across key sectors, particularly Oil & Gas, supported by the FTSE Russell reclassification confirmation and rising oil prices amid the US-Iran tensions.”
Investor sentiment remained negative, as 43 losers largely outpaced 12 gainers. Zichis Agro Allied Industries emerged the highest price gainer of 9.97 per cent to close at N18.20, per share. Aradel Holdings followed with a gain of 5.38 per cent to close at N1,570.00, while Secure Electronic Technology rose by 4.29 per cent to close at 73 kobo, per share.
On the other side, Omatek Ventures and Caverton Offshore Support Group led the losers’ chart with 10 per cent each to close at N1.53 and N4.05 respectively, while Critical Minerals Financing Corporation (CMFC) followed with a decline of 9.85 per cent to close at N2.38, per share.
