Stock Market Witnesses Rapid Surge As Investors Rake In N1.5 Trillion In Just 48 Hours

Stock Market Witnesses Rapid Surge As Investors Rake In N1.5 Trillion In Just 48 Hours....KINDLY READ THE FULL STORY HERE▶

The positive market sentiment continued unabated as Nigerian Exchange Limited (NGX) investors witnessed a remarkable surge, accumulating gains exceeding N1.5 trillion within the initial two trading days of the new year……CONTINUE READING

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Specifically, the NGX’s market capitalization, reflecting the overall value of investments on the Exchange, skyrocketed to N42.429 trillion on Wednesday, a significant climb from the N40.917 trillion it commenced with on Tuesday.

Investors experienced substantial profits of over N666 billion on the first trading day, followed by an additional N846 billion on the subsequent day.

A detailed analysis revealed that the surge was propelled by notable gains in Tier-1 banks. Zenith Bank saw an increase of 4.23%, Guaranty Trust (GTCO) rose by 3.49%, and STANBIC IBTC gained 3.1%. These positive performances counteracted losses incurred by NGX GROUP, which saw a decline of 1.70%, as well as MANSARD Insurance with a 0.91% drop and Cadbury with a 1.17% decrease, thereby maintaining an overall positive market trend. Consequently, the benchmark index recorded a 2.04% gain, settling at 77,537.57 points, resulting in a year-to-date (YTD) return of 3.70%.

Market activities also indicated an increase in trade turnover compared to the preceding session, with the value of transactions surging by 91.83%. A total of 927.56 million shares, valued at N10.69 billion, were exchanged in 11,629 deals.

The positive market breadth was evident with a ratio of 9.57-to-1, indicating a prevalence of advancing issues over declining ones. Dangote Sugar emerged as the top gainer, surging by N10.00, leading a group of sixty-six others on the leader’s table. On the contrary, LEARN AFRCA declined by 9.09%, spearheading a group of six others on the laggard’s table.

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