Business

NGX records new strides as ASI crosses 100,000bps

At the Nigerian Exchange Limited (NGX) on Wednesday, equities trading made new records as the benchmark index crossed 100,000 basis points to settle at 101,571.11 basis points.

The bullish run in the NGX appears not to be slowing down anytime soon; even the All-Share Index appreciated by three percent to reach 101,571.11 points, an increase of 2,954.14 basis points from an opening mark of 98,616.97 basis points.

Also, equities investors, as a result of the bullish run, gained N1.62 trillion as the market capitalization hit N55.58 trillion, representing a three percent increase from yesterday’s N53.97 trillion.

The drivers of the bullish run remained BUA Cement, which gained 9.98 percent, Dangote Cement, which gained 6.49 percent, and BUA Foods, which gained 5.49 percent.

Consequently, the year-to-date (YTD) return rose to 35.84 percent.

As measured by market breadth, market sentiment was positive, as 35 tickers gained relative to 30 losers.
On the performance board, Wapic Insurance and BUA Cement topped the gainers’ list as their share prices appreciated 10.0 percent, respectively, while NEM Insurance and Cadbury recorded the most significant losses of the day as their respective share prices declined 10.0 percent.

Analysing by sector, the Industrial Goods, Consumer Goods, and Oil & Gas indices recorded gains, having appreciated 7.6 percent, 4.1 percent, and 0.1 percent, respectively, while the Insurance and Banking indices declined by 1.5 percent and 0.6 percent, respectively.

Analysis of market activities showed trade turnover, however, settled lower relative to the previous session, with the value of transactions down by 50.62 percent .
A total of 488.49 million shares valued at N8.04 billion were exchanged in 12,080 deals.

Transnational Corporation led both the volume and value chart with 95.11 million units traded in deals deals worth N1.59 billion.

READ ALSO FROM NIGERIAN TRIBUNE