NGX Rally Adds N962bn to Investors’ Wealth - InsideBusiness - Business News in Nigeria
Nigeria’s equities marketcontinued its strong run on Thursday as steady buying pushed share prices higher for the fifth straight trading session. Investor confidence remained strong as theNigerian Exchange. . .
Nigeria’s equities marketcontinued its strong run on Thursday as steady buying pushed share prices higher for the fifth straight trading session. Investor confidence remained strong as theNigerian Exchange (NGX)extended its winning streak, driven by renewed demand forbanking stocks, telecommunications companies and consumer goods firms. The benchmarkNGX All-Share Indexgained 0. 62 per cent to close at 243,958. 73 points, while market capitalisation also rose by 0. 62 per cent to N156. 55 trillion. The latest gain addedN961. 75 billionto investors’ wealth and lifted the market’s year-to-date return to 56. 77 per cent. Market activity remained positive, with 29 stocks recording gains, 24 posting losses and 79 closing unchanged. Strong buying interest in major companies, includingFirst HoldCo Plc,MTN Nigeria,Zenith Bank Plc,Access Holdings Plc,Nigerian Breweries Plc,Dangote Sugar Refinery PlcandGuaranty Trust Holding Company Plc, helped support the market’s performance. Thebanking stockssegment led the rally, rising 1. 33 per cent as investors increased demand for shares in First HoldCo, Abbey Mortgage Bank, Zenith Bank, Access Holdings, FCMB Group and Guaranty Trust Holding Company. Analysts linked the sector’s performance to positive expectations for corporate earnings and sustained interest from both local and foreign institutional investors. The consumer goods sector also advanced by 1. 21 per cent after gains in International Breweries, Honeywell Flour Mills, Nigerian Breweries and Dangote Sugar. The insurance sector added 0. 26 per cent, supported by price increases in Lasaco Assurance, FTN General Insurance, Mutual Benefits Assurance, AIICO Insurance and AXA Mansard Insurance. In contrast, profit-taking in Japaul Gold and Ventures Plc and Oando Plc pushed the oil and gas index lower, while the industrial goods index ended unchanged. Trading activity strengthened significantly, with total volume jumping 212. 08 per cent to 1. 62 billion shares and transaction value climbing 381. 35 per cent to N109. 52 billion. The continued rise in theNigeria’s equities marketreflects sustained confidence in fundamentally strong companies as investors monitor earnings prospects and broader economic developments. CanNigeria’s equities marketmaintain this strong momentum in the coming trading sessions?Post Views:25