Investors within the Nigerian equities market gained N1.75 trillion on Tuesday as the Nigerian Exchange Limited, NGX, prolonged its rally, with the Dangote Refinery’s N525-per-share preliminary public providing, IPO, additionally closing on the identical day.
DAILY POST experiences that the market capitalisation rose to N164.91 trillion from N163.16 trillion recorded within the earlier session, representing a rise of roughly N1.75 trillion.
The NGX All-Share Index superior by 1.07 per cent to shut at 253,990.06 factors from 251,290.54 factors recorded on Monday.
Consequently, the market’s year-to-date return rose to 63.22 per cent.
The rally was pushed largely by positive aspects in industrial shares, significantly Dangote Cement, which superior by 9.80 per cent to shut at N1,341.90 per share.
Despite the market’s total advance, market breadth remained damaging, reflecting an uneven distribution of positive aspects throughout listed equities.
Twenty shares recorded positive aspects, in contrast with 36 decliners, leaving market breadth at 0.56 occasions. This indicated that the benchmark index’s advance didn’t mirror the broader market’s efficiency.
UPDC Real Estate Investment Trust, Dangote Cement, Honeywell Flour Mills, Africa Prudential and Nigerian Aviation Handling Company led the gainers.
On the opposite hand, Presco, Tripple Gee and Company, Thomas Wyatt Nigeria, Austin Laz and Company, and Transnational Corporation of Nigeria recorded the most important losses.
A complete of 35,946 offers involving 5.23 billion shares valued at N441.47 billion have been recorded on the Exchange.
Market information confirmed that buying and selling quantity surged by 1,488.14 per cent, whereas transaction worth jumped by 1,634.62 per cent in contrast with the previous session. In distinction, the variety of offers declined by 17.74 per cent.
The Dangote Refinery IPO, which provided 4.1 billion bizarre shares at N525 per share, closed on Tuesday, October 27, following an extension of the subscription interval.
