The Nigerian Equity Market sustains its positive outlook, crossing an all-time high of 70,000 points milestone, as it closed its mid-week trading in the green territory. The benchmark NGX All-Share Index (NGXASI) witnessed a substantial uptick of 194 basis points (bps), concluding the session at 70,581.76 points, a notable surge from its previous session’s position of 69,236.19 points, reflecting strong investor sentiment.
The significant market gains can primarily be attributed to the substantial price appreciation in high-cap stocks such as Airtel Africa (+10.00%), UBA (+0.48%), FBNH (+9.78%), Access Corporation (+4.37%), GTCO (+1.72%), Zenith Bank (+ 3.77%) and 31 other equities.
Consequently, the year-to-date returns jumped to 37.72%. The market capitalization increased by 1.94% to ₦38.78 trillion, resulting in Investors gaining ₦739.26 billion.
MARKET BREADTH:
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio increased to 2.31x from 1.60x as 37 stocks appreciated, 16 stocks depreciated and 65 stocks closed flat.
CURRENCY MARKET:
The Nigerian Naira appreciated by 3.59% against the US Dollar in the NAFEM Window, closing at a rate of N786.02/USD.
