Nigerian Exchange Limited equity investors won N64.93 billion on Thursday as the NGX All-Share Index surged 0.32 per cent to 39,670.29 basis points, its highest level since April 26, 2021.
On Thursday, the market capitalisation of stocks jumped to N20.67tn, up from N20.60tn the previous day.
Trading volume increased by 52.90 per cent from 132.01 million shares worth N2.67 billion traded in 3,307 transactions on Wednesday to 201.84 million shares worth N1.68 billion sold in 3,274 transactions.
The NGX Insurance and NGX Industrial indexes rose 0.77 per cent and 0.22 per cent, respectively, while the Banking, Consumer Goods, and Oil & Gas indices fell 0.06 per cent, 1.68 per cent, and 0.07 per cent, respectively; twenty-three companies gained, while seventeen companies lost.
The largest gainers were Neimeth International Pharmaceuticals Plc and Nigerian Aviation Handling Company Plc, whose share prices increased by 10% to N1.87 and N2.97 per share, respectively.
The other top gainers were Honeywell Flour Mills Plc (+9.96%), BOC Gases Plc (+9.90%), and Pharma-Deko Plc (+9.79%). Nigerian Breweries Plc suffered the most loss, with its share price falling 8.77% to settle at N52.00.
With a loss of N6.67%, Consolidated Hallmark Insurance Plc finished second with a profit of N3.70%. Three companies, including Sovereign Trust Insurance plc, Ecobank Transnational Corporation, and FCMB Group Plc, lost respectively 3.70%, 3.64%, and 3.50%.
Recall that, despite price gains that outnumbered losses, the Nigerian Exchange Limited (NGX) sustained negative sentiments for two sessions in a row, as investors’ wealth fell by ₦5 billion.
Similarly, the total market capitalisation fell by ₦5 billion to ₦20.211 trillion. Price declines in large and medium-capitalised stocks drove the downturn, including Eterna, Zenith Bank, Vitafoam Nigeria, Pharma-Deko Plc, and United Bank for Africa (UBA).
Analysts expect a bleak picture unless there is a large corporate announcement to stimulate market activity. On the price movement chart, two stocks declined in price, while 18 climbed in price. Capital Hotel had the highest price gain of 9.85per cent to conclude at ₦2.90 kobo, while Oando was second with a 9.81per cent gain to close at ₦5.26 kobo. BOC Gases Nigeria closed at ₦9.20 kobo, up 8.88per cent.