NGX Market Cap Rises by N710bn on Renewed Buying Interest

The Nigerian Exchange (NGX) recorded a gain of N710 billion in market capitalisation at the close of trading yesterday, buoyed by renewed buying interest in oil and gas, industrial and consumer goods stocks.

Market capitalisation rose from N125.49 trillion on Monday to N126.20 trillion on Tuesday, while the All-Share Index (ASI) advanced from 195,514.23 basis points to 196,621.96 basis points, reflecting improved investor sentiment.

Data from the NGX daily official list showed that SUNU Assurances Plc and UACN Plc led the gainers’ chart, each appreciating by 10 per cent. SUNU Assurances rose from N4.40 to N4.84 per share, while UACN increased from N97.00 to N106.70.

Oando Plc gained 9.96 per cent to close at N50.25, Sovereign Trust Insurance advanced 9.88 per cent to N2.67, and FTN Cocoa Processors climbed 9.71 per cent to N1.13.

Aradel Holdings posted one of the largest gains in value terms, adding N108.10 to close at N1,300.40, representing a 9.07 per cent increase. Custodian Investment Plc rose 7.84 per cent to N66.00, while RT Briscoe appreciated by 6.77 per cent to N13.40.

Other notable gainers included Cadbury Nigeria Plc, which advanced 5.76 per cent; Neimeth International Pharmaceuticals, up 4.25 per cent; Dangote Sugar Refinery, which gained 2.47 per cent; GTCO, up 0.81 per cent; FCMB Group, which rose 0.74 per cent; and Zenith Bank, which edged higher by 0.05 per cent.

Market breadth closed positive, with 39 equities recording gains against 36 decliners.

On the losers’ chart, FG202033S6 led with a 28.64 per cent decline to close at N85.00 from N119.12. Fidson Healthcare dropped 10 per cent to N81.00, while Meyer Plc fell 9.95 per cent to N68.30. ALEX Plc shed 9.88 per cent to N15.50, and McNichols Plc declined 8.26 per cent to N7.00.

Other laggards included Deap Capital Management, down 8.17 per cent; NSLTech, down 8.00 per cent; Omatak Ventures, down 7.69 per cent; and Austin Laz & Company, down 5.25 per cent. In the banking sector, Jaiz Bank declined by 4.99 per cent, Ecobank Transnational Incorporated eased by 1.88 per cent, and United Bank for Africa dipped by 0.32 per cent.

Sectoral performance was mixed, with gains recorded in the Consumer Goods, Oil and Gas, and Industrial indices, while some banking and insurance counters experienced mild profit-taking.