Investors in the Nigerian equities market gained N1.75 trillion on Tuesday as the Nigerian Exchange Limited, NGX, extended its rally, with the Dangote Refinery’s N525-per-share initial public offering, IPO, also closing on the same day.
DAILY POST reports that the market capitalisation rose to N164.91 trillion from N163.16 trillion recorded in the previous session, representing an increase of approximately N1.75 trillion.
The NGX All-Share Index advanced by 1.07 per cent to close at 253,990.06 points from 251,290.54 points recorded on Monday.
Consequently, the market’s year-to-date return rose to 63.22 per cent.
The rally was driven largely by gains in industrial stocks, particularly Dangote Cement, which advanced by 9.80 per cent to close at N1,341.90 per share.
Despite the market’s overall advance, market breadth remained negative, reflecting an uneven distribution of gains across listed equities.
Twenty stocks recorded gains, compared with 36 decliners, leaving market breadth at 0.56 times. This indicated that the benchmark index’s advance did not reflect the broader market’s performance.
UPDC Real Estate Investment Trust, Dangote Cement, Honeywell Flour Mills, Africa Prudential and Nigerian Aviation Handling Company led the gainers.
On the other hand, Presco, Tripple Gee and Company, Thomas Wyatt Nigeria, Austin Laz and Company, and Transnational Corporation of Nigeria recorded the biggest losses.
A total of 35,946 deals involving 5.23 billion shares valued at N441.47 billion were recorded on the Exchange.
Market data showed that trading volume surged by 1,488.14 per cent, while transaction value jumped by 1,634.62 per cent compared with the preceding session. In contrast, the number of deals declined by 17.74 per cent.
The Dangote Refinery IPO, which offered 4.1 billion ordinary shares at N525 per share, closed on Tuesday, October 27, following an extension of the subscription period.