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Business - Economy Updated: March 13, 2024

NGX market capitalization surges by N836 billion

By Philip Adeboye
March 13, 2024
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The Nigerian Exchange Ltd (NGX) witnessed a significant surge in market capitalization on Tuesday, opening at N57.697 trillion and closing at N58.533 trillion, marking a notable gain of N836 billion or 1.45 per cent.

Also, the All-Share Index rose by 1.45 per cent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday. As a result, the Year-To-Date (YTD) return rose to 38.45 per cent.

According to the News Agency of Nigeria, Interest in tier-one banks and telcos heavyweights such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO) and sustained interest in Transcorp Power(TransPower) kept the market green. Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 per cent to close at N243.50 per share.

Julius Berger also gained 9.71 per cent to close at N61, while Access Corporation rose by 9.51 per cent to close at N22.45 per share. Veritas Kapital Assurance increased by 9.38 per cent to close at 70k per share.

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Conversely, Tantalizers led the loser’s chart by 7.89 per cent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 per cent to close at N53.70.

Morison Industries Plc shed 6.62 per cent to close at N1.41, C&I Leasing lost 6.45 per cent to close at N3.48, and Cutix Plc dropped 6.30 per cent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower relative to the previous session. The value of transactions was also down by 16.76 per cent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals, compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume, with 170.72 million shares traded at a value of N3.13 billion, followed by Access Corporation, which had 48.57 million shares valued at N1.06 billion.

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GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million, and UBA transacted 31.96 million at N796.24 million.

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