NGX All-Share Index Hits New Record High of 70,613.6 Points

The Nigerian Stock Exchange (NGX) continued its bullish run as the All-Share Index (ASI) reached a new all-time high of 70,613.6 points at the close of trading on Tuesday, November 8, 2023. The ASI gained 0.19% or 132.9 points from the previous day’s close of 70,480.7 points.

The equities market also saw an increase in market capitalization, which rose by N86 billion to close at N38.798 trillion. The market recorded 7,100 deals, up from 6,837 deals on Monday. The trading volume also increased to 449.283 million units, up from 391.014 million units on Monday. However, the trading value declined to N5.44 billion, down from N7.71 billion on Monday.

The market was driven by the performance of some stocks that recorded significant gains or losses. The top five gainers were PZ, GLAXOSMITH, DAARCOMM, JAPAULGOLD, and INTBREW, while the top five losers were NNFM, TIP, ROYALEX, OMATEK, and ETERNA.

The most traded stocks in terms of volume were FBNH, CHIPLC, FIDELITYBK, UBA, and JAPAULGOLD, while the most traded stocks in terms of value were FBNH, UBA, GTCO, ZENITHBANK, and FIDELITYBK.

The SWOOT and FUGAZ stocks, which are the big players in the market, had a mixed performance. BUACEMENT, SEPLAT, BUAFOOD, DANGCEM, MTNN, and AIRTELAFRI had no price changes, while GTCO and ZENITHBANK had slight price changes. The Tier-1 banks dominated the market’s trading value, accounting for 54.4% of it. However, their trading sentiments were varied: GTCO and FBNH saw price increases, while UBA and ZENITHBANK saw price decreases. ACCESSCORP had no price change.

The NGX ASI has been on a positive trend since the beginning of the year, gaining 37.78% year-to-date. The market has been boosted by the improved macroeconomic outlook, the recovery of the oil sector, the increased foreign exchange liquidity, and the attractive dividend yields of some stocks. The market is expected to maintain its momentum as investors seek to take advantage of the opportunities in the equities market.

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