Business
As Stocks Rise By N360 Billion, NGX Posts A Strong Gain
The value of stocks increased by 390 billion on Thursday, reaching N54.71 trillion, giving the Nigerian Exchange Limited impressive gains. Significant gains in the banking industry, which resulted in increases in the market value of all tier 1 banks, were the main driver of this market’s positive performance.
The NSE saw a slight upswing, with the NGX All-Share Index, ASI, rising 714.28 points to settle at 99,980.3 points, reversing the previous bearish trend for the previous trading days. With a total volume of 542.95 million shares traded, trading activity improved. This represents a significant increase of 146.72 million over the volume of 396.23 million shares traded in the previous session. Additionally, the overall trading value increased, with shares valued at N8.697 billion changing hands.
With 93.71 million units exchanged, UBA led trading activity. TRANSCORP, JAPAULGOLD, STERLING, and FIDELITYBK were all very close behind, with 54.08 million, 28.49 million, and 27.09 million units traded, respectively. With N2.07 billion in transactions, UBA was the leader in terms of transaction value. With N1.07 billion, NESTLE took second place, ahead of Zenith Bank (N768.15), TRANSCORP (N692.19 million), and ACCESSCORP (N489.37 million). With a modest 1.27 percent increase in market value, FBN Holdings has re-entered the SWOOT category. The share prices of GTCO and Zenith Bank have also increased. On the other hand, MTNN, BUACEMENT, BUAFOODS, DANGCEM, GEREGU, SEPLAT, and TRANSCOHOT continue to be stable.
Within the upper echelons of the banking industry, UBA and GTCO experienced noteworthy increases in market value of 10%. The market values of Access Holding, Zenith Bank, and FBN Holdings were 9.74%, 7.86%, and 1.27 percent, in that order.
