NGX Sees ₦344bn Market Cap Increase This Week

On September 28, the Nigerian Exchange Limited (NGX) commenced the week positively, with market capitalization increasing by ₦344 billion, rising from ₦163.655 trillion at the open to ₦163.999 trillion at the close. The All-Share Index (ASI) advanced by 521.70 points, moving from 252,113.41 at the opening to 252,635.11 at the close, marking a 0.21 percent increase.

Market breadth was favorable, with 33 gainers compared to 24 decliners, indicating stronger buying interest throughout the session. Notable companies such as MTN Nigeria Communications, Dangote Cement, Presco, Custodian Investment, Julius Berger, and Champion Breweries closed flat for the day.

The NGX's positive performance allowed the ASI to extend its advance above the 252,000-point level, while the increase in market capitalization and the higher number of gainers suggested renewed buying interest. However, the presence of 24 decliners indicated ongoing selling pressure in some stocks.

Investors are expected to monitor large-cap stock performance and buying interest breadth for sustainability of the upward trend.