NGX All-Share Index up 0.09 per cent, market cap nears N40 trillion

The NGX maintained its upward trend while the All-Share Index closed at 72,470.1 points, up 0.09%.

The market capitalisation closed at N39.657 trillion, with equity gains of N35.7 billion.

The market has been steadier as portfolio managers close down their accounts for 2023, and this trend is anticipated to continue through the end of the year.

The trade volume increased from 324.25 million units yesterday to 411.21 million units today. Additionally, the trading value increased from N4.40 billion to N6.95 billion yesterday.

The NGX All-Share Index completed Tuesday's trading session at 72,470.1 points, indicating a 0.09% rise. The market fluctuated within the day, reaching a high of 72,489.21 points and a low of 72,320.32 points. Interestingly, the year-to-date percentage change is a noteworthy +41.40%, indicating a generally upward tendency.

The market capitalization of listed firms hit N39.66 trillion, indicating their overall worth. With a volume of 411.21 million units, valued at N6.95 billion, and 6,870 deals completed, trading activity was brisk. Together, these indicators shed light on the market's performance for the day, emphasising strong momentum, significant year-over-year growth, and active investor engagement.

INFINITY was among the top gainers in Tuesday's trading session, rising +10.00% to close at N3.41. Similarly, CAVERTON gained +10.00% and closed the session at N1.76. NNFM gained +9.42% and closed at N42.40, while RTBRISCOE gained +9.09% and closed at N0.60. TIP rounded out the top gainers with a +8.26% advance, closing at N1.18. These outstanding results reflect the bullish market dynamics for these individual stocks, with investors profiting from today's price changes.

In contrast to the gainers, many equities were among the top losers during Tuesday's trading session. CHAMPION fell -10%, closing at N3.60. Similarly, OMATEK suffered a -10% loss, finishing the session at N0.63. PRESTIGE fell -9.62% to N0.47, while ETRANZACT fell -9.60% to N5.65. STANBIC rounded out the top losers, falling -9.08% to close at N591.0. These losses reflect the difficulties that these specific stocks are facing in today's market, with investors seeing a decline in the value of their holdings in these specific assets.

UPDCREIT (-3.26%) led in volume with 42.03 million units, followed by UBA (+3.19%) with 34.66 million units, VERITASKAP (+2.78%) with 27.71 million units, ACCESSCORP (+2.73%) with 27.57 million units, and FCMB (+2.13%) with 25.59 million units.

In terms of value, GTCO (+0.25%) was first with N902.2 million, followed by UBA (+3.09%) with N848.5 million, ZENITHBANK (+1.75%) with N815.9 million, ACCESSCORP (+2.73%) with N611.8 million, and MTNN (+0.61%) with N582.6 million.

The SWOOT category saw price advances from MTNN (+0.61%), ZENITHBANK (+1.75%), and GTCO (+0.25%). Other category members (AIRTELAFRI, DANGCEM, BUAFOODS, BUACEMENT, and SEPLAT) did not report any price adjustments.

Tier-1 banks experienced price increases, adding to the industry's good mood in the financial services sector. ZENITHBANK (+1.75%), UBA (+3.09%), GTCO (+0.25%), ACCESSCORP (+2.73%), and FBNH (-0.43%) all saw price decreases.