NGX hits new highs of N163.7trn while FTSE stocks drag feet

Nigeria’s equities market extended its winning streak to a fresh record on Thursday, fueled by strong oil and gas gains and sustained momentum from the country’s return to the FTSE Russell Frontier Market Index.

The NGX All-Share Index (ASI) rose 0.38 percent to close at 252,150.01 points, up from 251,191.02 on Wednesday, while total market capitalisation climbed to an unprecedented N163.679 trillion.

The Oil and Gas Index led with a 3.95 percent gain to 6,251.99 points, while the Consumer Goods, Premium and Pension indices also recorded gains. The Banking and Insurance indices, however, declined during the session.

Trading activity remained strong during the session, with investors exchanging 978.214 million shares across 48,459 deals, according to data from the Nigerian Exchange.

The financial services sector remained a major driver of activity, accounting for 507.001 million shares across 11,499 deals. Banking stocks accounted for 371.402 million shares, with Fidelity Bank alone contributing 335.203 million shares.

Access Holdings, United Bank for Africa, Zenith Bank and First HoldCo also recorded substantial activity, trading 43.718 million, 34.810 million, 30.423 million and 8.682 million shares respectively.

Market breadth remained positive, with 28 equities gaining, 24 declining and 94 closing unchanged, indicating that Thursday’s advance was supported by a relatively broad distribution of gains.

Critical Minerals Financing Corporation led the gainers, rising 10 percent, followed by Nigerian Aviation Handling Company, which gained 8.57 percent. Linkage Assurance rose 7.36 percent, while Seplat Energy advanced 7.33 percent. Legend Internet gained 6.94 percent, and UPDC rose 5.56 percent.

On the losing end, Ellah Lakes fell 5.33 percent, while Wema Bank declined 3.93 percent and Oando dropped 0.97 percent. Nigerian Breweries also fell 1.16 percent, while United Bank for Africa and Zenith Bank declined 0.98 percent and 0.59 percent, respectively.

Read also: NGX rally strengthens marginally after rate cut, but breadth remains uneven

The 31 Nigerian companies selected for FTSE Russell’s Frontier Index Series recorded a mixed performance on Thursday, with only a handful of the constituents posting gains as several large-cap names remained unchanged.

Among the 10 large-cap stocks, Aradel Holdings, Dangote Cement, First HoldCo, MTN Nigeria, Nestlé Nigeria, Nigerian Breweries, Presco and Stanbic IBTC Holdings closed unchanged. GTCO fell 0.36 percent, and Zenith Bank declined 0.59 percent.

Access Holdings fell 0.16 percent, Dangote Sugar closed unchanged, FCMB Group declined 0.45 percent, Fidelity Bank gained 3.73 percent, Guinness Nigeria was unchanged, Oando fell 0.97 percent, Okomu Oil Palm and Unilever Nigeria were unchanged, UBA declined 0.98 percent, and Wema Bank fell 3.93 percent.

Custodian Investment, Julius Berger, Nigerian Exchange Group, Sterling Financial Holdings, UACN and Vitafoam closed unchanged. Fidson Healthcare gained 5.25 percent, NASCON rose 2.78 percent, Nigerian Aviation Handling Company climbed 8.57 percent, Transnational Corporation gained 0.27 percent, and United Capital advanced 0.29 percent.

The strongest gain among the 31 FTSE Russell constituents was Nigerian Aviation Handling Company, up 8.57 percent, followed by Fidson Healthcare at 5.25 percent and Fidelity Bank at 3.73 percent. NASCON rose 2.78 percent, while Transcorp and United Capital gained 0.27 percent and 0.29 percent.