The Nigerian Exchange (NGX) accomplished a noteworthy milestone today, breaking beyond the 71,000-point barrier for the first time since hitting 70,000 just two weeks prior.
This is a very amazing feat. The All-Share Index closed at 71,014.34 points, up 0.25% from the previous close.
The market capitalization reached a record high, surpassing N39 trillion and concluding at N39.054 trillion, thanks to this upward momentum. Equity values increased by N113 billion, indicating the strong performance of a number of stocks.
Mecure was one of the session's standout performers, putting on a strong run that saw a gain of 9.92% and a closing price of N5.21.
Leading the upbeat mood in the market was Oando Plc, which saw a noteworthy 10% increase. Following the news of Oando's $800 million agreement with Afreximbank, which inspired investor confidence, there was a spike in value.
There was a minor drop in market activity despite the general upbeat attitude, with 6,172 deals as opposed to 6,533 yesterday. To 297.354 million units, the trade volume did, however, see a little decrease of 9.2%. On the other hand, the trade value increased noticeably to N6.16 billion, a significant 82.8% gain.
With a trading volume of 27.97 million units, Oando (+10.00%) was at the top of the leaderboard, followed by AIICO (-4.05%) at 23.04 million, JAPAULGOLD (+2.70%) at 20.38 million, TRANSCORP (-0.65%) at 14.53 million, and CHIPLC (+0.96%) at 14.17 million.
ZENITHBANK (-1.89%) with N353.1 million, OANDO (+10.00%) with N315.3 million, MTNN (+0.21%) with N496.4 million, and NESTLE (-2.34%) with N2.34 billion were the top five traders on the trading chart.
Opinions on equities worth more than $1 trillion were divided. BUACEMENT (+1.96%), MTNN (+0.21%), and GTCO (+1.93%) all had price increases, however, ZENITHBANK (-1.89%) saw a price decrease. There was no price change reported by BUAFOODS, SEPLAT, DANGCEM, or AIRTELAFRI.
Sentiment differed among tier-1 banks, with price increases recorded by GTCO (+1.93%) and ACCESSCORP (+0.29%) and price decreases by FBNH (-0.25%), ZENITHBANK (-1.89%), and UBA (-0.48%). In order to get insight into market dynamics and possible investment strategies, investors and market participants will be attentively observing these movements.