NGX Market Cap Increases by N306bn Amid Weak Breadth

On August 27, 2023, the Nigerian Exchange Limited (NGX) experienced a positive market rebound, with the All-Share Index (ASI) closing at 239,156.09 points, up from an opening of 238,682.92 points, marking a gain of 473.17 points or 0.20 percent. The market capitalization rose from N154.136 trillion to N154.442 trillion, adding around N306 billion to investors' wealth.

Despite this upward movement in the benchmark index, the market breadth remained weak, as only 20 equities appreciated in price while 39 declined, indicating that selling pressure was still prevalent across the market.