Business
NGX Extends Gains as Market Capitalisation Hits N113.5 Trillion
NGX market capitalisation rises to N113.5 trillion as All-Share Index gains 1.65%, supported by sectoral growth and strong investor activity
The Nigerian Exchange (NGX) maintained its bullish momentum yesterday, extending gains from earlier in the week as investor appetite pushed total market capitalisation by N1.84 trillion to close at N113.50 trillion.
Also read: Zichis Agro-Allied to List N1.09bn Shares on NGX
The NGX All-Share Index (ASI) rose 1.65 per cent to 176,809.42 points, reflecting renewed optimism across major sectors.
Month-to-date and year-to-date returns advanced to +6.9 per cent and +13.6 per cent, respectively, signalling broad-based confidence in equities.
Sectoral performance was largely positive.
The NGX Banking Index led gains with a 1.83 per cent rise, while the NGX Oil & Gas and Industrial Goods indices climbed 2.97 per cent and 2.93 per cent, respectively.
Smaller advances were recorded in the Consumer Goods and Insurance sectors, which increased 0.18 per cent and 0.01 per cent.
The NGX Commodity Index also added 1.78 per cent.
Market breadth remained decisively positive at 3.0x, with 66 advancing stocks against 22 decliners.
Top gainers included Deap Capital Management & Trust Plc, eTranzact International Plc, John Holt Plc, and Omatek Ventures Plc, each rising by the maximum daily limit of 10 per cent.
Vitafoam Nigeria Plc followed with a 9.98 per cent increase, reflecting robust buying interest in select mid- and small-cap stocks.
Declines were driven by profit-taking and selective sell-offs.
Abbey Mortgage Bank Plc, Sky Aviation Leasing Company Plc, Guinea Insurance Plc, Consolidated Hallmark Holdings Plc, and Livestock Feeds Plc recorded the steepest losses for the session.
Trading activity presented a mixed picture.
Deals executed fell 10.6 per cent to 58,965, yet total volume surged 68.08 per cent to 1.30 billion shares, and traded value jumped 80.64 per cent to N50.43 billion, signalling heightened activity in key equities and large block trades.
Analysts attributed the rally to speculative interest, bargain hunting, portfolio repositioning, and improving liquidity.
Also read: NGX market cap rises N598bn
They noted that while near-term profit-taking remains a risk, positive macroeconomic expectations and sectoral gains could sustain upward momentum in upcoming sessions.
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
AICL GMD Maureen Tamuno calls for stronger diaspora investment in Africa through trust, transparency, skills transfer and sustainable partnerships
-
Politics3 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics3 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business3 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)