The Nigerian Exchange (NGX) concluded Wednesday’s trading session on a positive note, with investors reaping N41.92 billion in gains despite notable sectoral divergence. The All-Share Index (ASI) edged higher by 22.37 points, closing at 95,831.51, while the market capitalisation increased to ₦55.047 trillion.
This performance reflects a mixed day of trading where sectors such as Information and Communications Technology (ICT) and Industrial Goods saw significant gains, while the Financial Services sector faced challenges.
Market Overview
- Market Capitalisation: ₦55.047 trillion
- All Shares Index: 95,831.51 points
- Monetary Policy Rate: 26.25%
- Top Sectors: ICT, Industrial Goods
- Lagging Sectors: Financial Services
The NGX closed with a market capitalisation of ₦55.047 trillion, reflecting a marginal recovery from previous sessions, driven by gains in specific indices. The All Shares Index ended at 95,831.51 points, slightly down from its highest index point during the week at 97,100.36 points.
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Despite a challenging economic environment, the market managed to sustain investor interest, particularly in key sectors like financial services and industrial goods.
Sectoral Performance
The ICT sector led the NGX market’s recovery, with heavyweights contributing to the overall market gains. Industrial Goods also performed well, driven by investor confidence in the sector’s long-term prospects. However, the Financial Services sector struggled, facing selling pressure that tempered the overall market rally.
Sectoral Highlights
- Financial Services:
- Banking Sector: United Bank for Africa (UBA) and Zenith Bank were among the most traded, with UBA recording a -1.79 per cent decline to close at ₦22.00. Zenith Bank also saw a slight dip by -0.26 per cent to close at ₦38.00.
- Other Financial Institutions: Access Holdings saw a modest gain of 0.26 per cent, closing at ₦19.00, with significant trading volume at over 16.5 million shares.
- ICT:
- MTN Nigeria Communications continued to dominate the telecommunications sector with a market cap of ₦4.194 trillion, although it remained flat at ₦199.80.
- Industrial Goods:
- Building Materials: Dangote Cement, a major player in the industrial goods sector, maintained its position at ₦532.00 per share, contributing to its sector’s overall stability.
- Lafarge Africa showed positive momentum, gaining 1.08 per cent to close at ₦37.50.
- Oil and Gas:
- Seplat Energy remained a key stock in the oil and gas sector, closing at ₦3,730.10, with minimal trading activity.
- Agriculture:
- The agriculture sector saw mixed results with FTN Cocoa Processors gaining 2.60 per cent to close at ₦1.92, while Okomu Oil Palm and Presco remained unchanged.
Market Sentiment
Investor sentiment was mixed, with specific sectors like ICT and industrial goods showing resilience despite broader economic pressures. The monetary policy rate remained unchanged at 26.25 per cent, influencing cautious investor behaviour.