The Nigerian Exchange Limited recorded an impressive gain on Thursday as the value of equities surged by 390 billion, reaching N54.71 trillion.
This positive market performance was predominantly driven by substantial gains in the banking sector, witnessing an increase in the market capitalization of all tier 1 banks.
The NGX All-Share Index (ASI) experienced a modest upswing, reversing the previous bearish trend observed in recent trading days, with a gain of 714.28 points, settling at 99,980.3 points.
Trading activity displayed improvement, with a total volume of 542.95 million shares traded, marking a notable increase of 146.72 million compared to the previous session’s volume of 396.23 million.
Furthermore, the total trading value showed an uptick, with shares worth N8.697 billion changing hands, indicating a 49.28 per cent increase from the N5.83 billion recorded in the preceding session.
In terms of trading activity, UBA led with a volume of 93.71 million units exchanged, followed closely by TRANSCORP with 54.08 million units, JAPAULGOLD with 34.34 million units, STERLING with 28.49 million units, and FIDELITYBK with 27.09 million units.
UBA also topped the charts in transaction value, recording transactions worth N2.07 billion. NESTLE secured the second position with N1.07 billion, followed by Zenith Bank with N768.15 million, TRANSCORP with N692.19 million, and ACCESSCORP with N489.37 million.
Meanwhile, FBN Holdings re-entered the SWOOT category, showing a slight 1.27 per cent uptick in its market value. GTCO and Zenith Bank also experienced gains in their share prices. On the other hand, stability persisted among AIRTELAFRI, MTNN, BUACEMENT, BUAFOODS, DANGCEM, GEREGU, SEPLAT, and TRANSCOHOT.
In the top-tier banking segments, UBA and GTCO saw significant 10 per cent increases in market value. Access Holding, Zenith Bank, and FBN Holdings recorded 9.74 per cent, 7.86 per cent, and 1.27 per cent, respectively, in their market worth.
