Benchmark index crosses 128,000 points as Nigeria stocks fire on all cylinders

The Nigerian Exchange Limited (NGX) All Share Index (ASI) crossed 128,000 points on Wednesday as increased demand for stocks caused the market to rally across key sectors post-public holiday.

The NGX-ASI reached new high of 128,967.08 points as the market increased remarkably by 1.80 percent while equities investors gained about N1.441trillion in one day.

Nestle Nigeria led the market’s league of top advancers after its share price rose from N1,500 to N1,650, adding N150 or 10 percent, followed by another major gainer Eunisell which moved from N13.50 to N14.85, after adding N1.35 or 10 percent.

Secure Electronic Technology also rallied from N1.10 to N1.21, adding 11kobo or 10 percent. Omatek increased from N1.60 to N1.76, adding 16kobo or 10 percent. Another major gainer, Tripple Gee rose from N3.93 to N4.32, adding 39kobo or 9.92 percent.

Read also: Bullish sentiment pushes NGX market cap beyond N80trn

Nigeria’s listed stocks value had ahead of Tuesday’s public holiday surpassed N80trillion market an indication of broad-based investor participation and growing confidence in the local equity market.

“We maintain a cautiously optimistic outlook for the equities market this week, with expectations of sustained positive momentum in the absence of any significant negative macroeconomic or market shocks,” Futureview research analysts said in their July 16 note.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding day’s lows of 126,689.54 points and N80.143trillion to 128,967.08 points and N81.584 trillion. In 36,635 deals, investors exchanged 11,670,605,966 shares valued at N363.412billion. First Holdco, UBA, Access Holdings, Universal Insurance, and Zenith Bank shares were mostly traded.