Samuel Mobolaji
Investors on the Nigerian Exchange (NGX) rejoiced as the All Share Index (ASI) surged by 608.50 points, reflecting a 0.62 per cent rise and marking a substantial increase in total investor wealth. The ASI closed at 98,215.13 points, driven by robust performances in key oil and gas stocks.
Investors on the Nigerian Exchange (NGX) enjoyed substantial gains as bullish trading lifted the market capitalization by N3.05 trillion.
The surge, driven by strong performances in key oil and gas stocks, marked a notable boost in investor wealth.
The All Share Index (ASI) climbed by 608.50 points, translating to a 0.62 per cent increase, closing at 98,215.13 points.
This led to the market capitalization closing at N59.510 trillion, reflecting an impressive N3.422 trillion boost in total investor gains.
Gains were spurred by price increases in mid- to large-cap stocks, with companies like NASCON Allied Industries, Oando, Dangote Sugar Refinery, and Guaranty Trust Holding Company (GTCO) performing well.
Despite the positive gains, market sentiment remained mixed as 21 stocks advanced while 31 recorded losses. Top gainers included Wapic Insurance, which rose by 10 per cent, and The Initiates Plc (TIP), which climbed 9.74 per cent.
Conversely, Vitafoam Nigeria led the declining stocks, dropping 9.09 per cent, followed by Tantalizer and International Energy Insurance.
Trading activity saw a slight uptick, with 304.970 million units traded, valued at N19.708 billion, across 8,083 deals. The bullish momentum highlighted growing investor confidence, positioning the NGX for further growth in the weeks ahead.
