NGX Bounces Back With ₦507 Billion Gain Amid Corporate Governance Moves

The Nigerian Exchange Ltd. (NGX) experienced a strong rebound on Wednesday, recording a substantial gain of ₦507 billion after the previous day’s losses. This positive market shift bolstered investors’ portfolios significantly.

The market capitalisation, which opened at ₦63.051 trillion, climbed by ₦507 billion or 0.80%, closing the day at ₦63.559 trillion. Simultaneously, the All-Share Index (ASI) advanced by 0.80% or 832 points, settling at 104,230.73 compared to the 103,398.82 reported on Tuesday. As a result, the Year-To-Date (YTD) return marginally improved to 0.127%.

Key Drivers of the Market Surge

The bullish momentum was fueled by increased buying interest in major stocks, including:

MTN Nigeria
FBN Holdings
Transnational Corporation
Dangote Sugar
Nigerian Breweries

Mixed Market Breadth Despite Gains

Despite the notable gains, market breadth remained slightly negative, with 28 stocks declining while 27 advanced.

Top Losers:

Sunu Assurances: Declined by ₦1 to close at ₦9.01
Universal Insurance: Dropped 7k to close at 71k
Secure Electronic Technology: Fell 6k to 68k
Consolidated Hallmark Plc: Shed 21k, closing at ₦3.40

Top Gainers:

Transnational Corporation: Gained ₦20 to close at ₦49.50
MTN Nigeria: Added ₦220, closing at ₦220
Honeywell Flour: Rose by 75k, closing at ₦8.29
AIICO Insurance: Increased by 17k, closing at ₦1.88
Living Trust: Up 43k, closing at ₦4.81

Trading Activity Decline

Market activity slowed compared to the previous session, with a 31.99% drop in turnover. A total of 756.42 million shares valued at ₦24.69 billion were exchanged in 13,551 deals, compared to 1.11 billion shares worth ₦14.64 billion traded in 16,617 deals during the previous session.

Top Trade Activity: