Bank stocks fuel NGX surge as market cap hits N162.68 trillion
Trading activity on the Nigerian Exchange Limited (NGX) closed on a strong note on Tuesday, driven by robust turnover in financial sector equities. The post Bank stocks fuel NGX surge as market cap hits N162.68 trillion appeared first on Nairametrics .
On Tuesday, Nigerian Exchange Limited (NGX) experienced a strong trading session, buoyed by significant trading activity in financial sector equities. A total of 837,217,438 shares were exchanged in 52,054 completed deals, leading to a market capitalization increase of N297.21 billion for listed equities. This pushed the total value to N162,682,572,034,425.34 (N162.68 trillion).
The NGX All-Share Index (ASI) peaked at an all-time high of 250,614.66 points, marking a 0.18% increase from Monday's closing level of 250,156.80 points. The financial services sector was the main driver of this volume and value growth, with industrial and technology firms contributing to the upward momentum. However, profit-taking in the telecommunications sector, particularly by MTN Nigeria Communications Plc, which saw a 4.49% decline to close at N850.00, slightly curbed the overall index gains.
The NGX Premium Index, on the other hand, dipped from 31,714.33 to 31,679.41 points due to selling pressure in MTN. Macroeconomic stability and widespread participation in trading supported the market activity. Liquidity was primarily focused on the Main Board, with 597,397,451 shares traded in 32,254 deals. Conversely, the Premium Board saw 222,570,966 shares exchanged in 16,197 deals.
Banking stocks led the market's growth, with trading in tier-1 and tier-2 financial institutions, alongside certain technology and energy firms, exhibiting a broadly positive market breadth. Conversely, the NGX Insurance Index declined from 1,102.93 to 1,081.54 points (-1.94%) due to underperforming underwriters like AXA Mansard Insurance Plc (-6.67%) and Mutual Benefits Assurance Plc (-8.38%).
Multi-asset breadth across ETFs and fixed-income securities showed a balanced engagement, with top-performing ETFs like Stanbic IBTC ETF 30 (+10.00%), THE SIAML PENSION ETF 40 (+9.99%), and NewGold Exchange Traded Fund (+8.38%). Debt securities market saw 49,405 units in 8 deals, with slight adjustments in select Federal Government Sovereign Bonds.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
