The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd. (NGX), on Thursday, crossed a 100,000 mark for the second time in the year.
Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 per cent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.
Consequently, investors gained N420 billion or 0.75 per cent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.
Also, the Year-To-Date (YTD)return rose to 33.19 per cent.
Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, Cornerstone, alongside other top gainers drove the equity market to a positive terrain.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 per cent.
However, market breadth closed negative at a with 33 losers and 25 gainers.
On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 per cent each to close at N50.60 and N201.30 per share, respectively.
Transcorp Power followed closely by 9.99 per cent to close at N351.30, while Juli Plc added 9.96 per cent to close at N4.97 per share.
National Salt Company of Nigeria(NAN) rose by 9.92 per cent to close at N47.65 per share.
On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers table by 10 per cent each to close at N45.90 and N1.53 per share, respectively.
Transcorp also lost 9.95 per cent to close at N17.10, Ikeja Hotel shed 9.93 per cent to close at N6.08, while Redstarex declined by 9.87 per cent to close at N3.38 per share.
A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.
On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of N5.65 billion.
Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.
Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.
Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors expectations from the current government’s policies.
Ibrahim told the News Agency of Nigeria (NAN) in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.
He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.
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“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.
“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.
“While the Nigerian economy may presently appears tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.” (NAN)
