NGX Starts September Strong with N1.22tn Gain

On September 1, 2023, trading on the Nigerian Exchange Limited opened positively, with the market capitalisation increasing by N1.22 trillion. The NGX All-Share Index rose by 1,883.24 basis points, or 0.77%, closing at 246,082.63.

The total market capitalisation reached N158.96 trillion, up from N157.74 trillion in the previous session. This rally pushed the year-to-date market return to 58.14%.

Key contributors included Aradel Holdings, which surged by 8.83%, and Nestlé Nigeria, which rose by 5.83%. Market breadth was positive, with 40 stocks advancing against 19 decliners.

Total volume traded increased by 7.44% to 651.32 million shares, while transaction value rose by 5.35% to N40.77 billion, although executed deals fell by 18.16% to 43,760. Access Holdings Plc led in volume with 129.89 million units valued at N4.16 billion, while MTN Nigeria Communications Plc led in turnover with N4.69 billion.

Analysts attributed the buying pressure to portfolio realignment by investors seeking third-quarter opportunities.