The Nigerian Exchange Limited’s All-Share Index surged to 66,490.34 basis points at the close of trade on Tuesday, breaking a 15-year high.
The Punch reported that the ASI increased by 0.51 percent to 66,490.34 points from 66,151.38 on Monday, surpassing the Exchange’s best value of 66,371.20 on March 5, 2008.
The achievement is due in part to a rise in purchase interest in banking equities as investors positioned themselves to capitalize on banks’ recent record earnings.
Similarly, the market capitalization grew by 0.51 percent to N39.69 trillion, up from N36.21 trillion on Monday.
Investors have won N510 billion in two days of trading this week (N325 billion on Monday and N185 billion on Tuesday).
Among industry benchmarks, the NGX Banking Index gained the most ground on the day, increasing 1.63 percent.
Following closely behind were the NGX Consumer Goods Index, which rose 0.99%, and the NGX Industrial Index, which rose 0.21 percent. The NGX Oil/Gas Index, on the other hand, fell by 0.09 percent, while the NGX Insurance Index fell by 1.56 percent, both due to investors reallocating their capital.
An examination of Tuesday’s market operations revealed a significant rise in trade turnover compared to the previous session, with transaction values increasing by 79.18%. As a result, the total amount of stocks exchanged reached 436.95 million units, valued at N7.02 billion, spanning 7,933 transactions.
This was a huge increase from the 311.12 million units valued at N3.92bn traded in 7,193 deals on Monday.
FBN Holdings led the activity chart with 55.15 million units worth N911.21 million. Japaul Gold came close after, selling 33.11 million units for N29.92 million, while UBA sold 30.17 million units for N41.21 million.
Market breadth was favourable at the close, with 35 stocks increasing in value and 32 stocks depreciating.
Champion Breweries led the pack of gainers, increasing its stock value by 10%. Linkage Assurance, on the other hand, led the group of 32 decreasing securities with a 10% drop in stock value.
The excellent performance has been attributed to a number of variables, including investor sentiment impacted by macroeconomic developments like President Bola Tinubu’s establishment and swearing-in of the economic cabinet.
