Nigerian Stock Market Surges, Investors Gain N241b 

The Nigerian economy is showing signs of recovery as the Nigerian Stock Market maintains their upward trajectory, with investors reaping a substantial N241 billion gain on Wednesday, September 25, 2024. 

This comes as NGX market capitalization, which opened at N56.641 trillion, closed at N56.882 trillion.

The All-Share Index also gained 0.42 percent to settle at 98,987.42 points on Wednesday against 98,568.59 points reported on Tuesday, 24 September, 2024

Consequently, the Year-To-Date return increased by 32.38 percent.

Market breadth closed positive with 31 gainers and 24 losers on the floor of the Exchange.

Further analysis showed that on the gainers’ chart, Flour Mill and Seplat led by 10 percent each to close at N60.50 and N4,103.10 per share respectively.

EllahLakes followed by 9.97 percent to close at N4.08, Honeywell Flour gained 9.87 percent to close at N5.01 and ABC Transport advanced by 9.57 percent to close at N1.26 per share.

On the flip side, Multiverse led the losers’ chart by 9.90 percent to close at N9.10, and Caverton trailed by 9.86 percent to close at N3.29 per share.

AXA Mansard dropped 6 percent to close at N5.50, FBN Holdings declined by 6.45 percent to close at N29, while Fidelity Bank shed 6.40 percent to close at N15.35 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 6.75 percent.

A total of 603.31 million shares valued at N12.58 billion were exchanged in 9,723 deals, compared with 763 million shares valued at N11.78 billion traded in 12,081 deals posted previously.

On the activity chart, Fidelity Bank led in volume with 121.73 million traded shares, while FBN Holding led in value, with deals worth N3.46 billion.

Recall that at the end of trading on Tuesday,24 September 2024,  equity investors also gained N104 billion, occasioned by the rise in prices of Infrastructure Debt Fund, First Bank of Nigeria Holdings, Ellah Lakes, and others.

Source: The Gazelle News