NGX Market Capitalisation Surges by ₦1.75 Trillion

On October 27, the Nigerian Exchange Limited (NGX) reported a market capitalisation increase of ₦1.753 trillion, closing at ₦164.913 trillion, up from ₦163.160 trillion. The All-Share Index (ASI) rose by 2,699.52 points, marking a 1.07 percent increase from 251,290.54 to 253,990.06 points.

This performance continued the upward trend from the previous day, which saw a capitalisation increase of ₦2.641 trillion and a 1.65 percent rise in the ASI. However, market breadth was weak, with 20 gainers compared to 36 decliners, indicating that losses were more widespread among listed equities.

Notable gainers included Dangote Cement, which rose by 9.80 percent to ₦1,341.90, and UPDC Real Estate Investment Trust, which increased by 10.00 percent. On the downside, Presco experienced the largest decline, falling by 10.00 percent to ₦1,840.80.

The divergence between the benchmark index and the number of advancing stocks suggests uneven investor sentiment, prompting speculation about the sustainability of the market's upward movement.