Nigerian Equities Surge N516 Billion on Strong Stock Gains

On Tuesday, the Nigerian Exchange (NGX) reported a significant gain in domestic equities, with an increase of N516 billion, bringing the market capitalization to N129.209 trillion from N128.693 trillion the previous day. The NGX share index rose by 803.35 basis points, closing at 201,287.78 points, up from 200,484.43 points on Monday.

This positive performance was primarily driven by gains in heavyweight stocks, including MTN Nigeria, Nigerian Breweries, GTCO PLC, Cadbury, WAPCO, and PZ. Despite the overall market growth, the market breadth showed a negative trend with 49 decliners against 20 advancers.

Year-to-date, the stock market has returned a higher 29.35 percent. Notable gainers included Multiverse, which increased by 9.88 percent, and MTN Nigeria, which rose by 5.85 percent.

Conversely, NPF Microfinance Bank led the losers with a 10 percent drop, followed by Skyavn and Zichi. Trading volume reached 262.164 million shares, representing a 44.18 percent increase, with transaction value rising by 5.39 percent to N27.032 billion across 53,016 deals.