NGX Market Cap Gains N2.32 Trillion Amid Renewed Buying

On November 10, the Nigerian stock market experienced a recovery from previous losses, with the NGX All-Share Index (ASI) increasing by 1.44% to close at 252,456.74 points, up from 248,877.22 points on the preceding Friday. This rise contributed approximately N2.32 trillion to the market capitalization, enhancing the year-to-date return to 62.23%.

The renewed buying interest was primarily in large and mid-cap stocks, including DANGCEM (+9.61%), OANDO (NGX: OANDO) (+8.46%), FIDELITYBK (+6.85%), TRANSPOWER (+5.65%), ACCESSCORP (+2.23%), ETERNA (NGX: ETERNA) (+0.83%), NEM (+0.53%), and ZENITHBANK (+0.09%). Despite the benchmark's recovery, market breadth was negative, with 20 stocks advancing and 28 declining, indicating that gains were concentrated in select stocks.

The Industrial Goods Index led sector performance with a 5.68% gain, while the Consumer Goods sector saw a slight decline of 0.03%. Trading activity improved, with total turnover rising by 13.71% to N30.55 billion and traded volume increasing by 20.03% to 453.41 million shares.