NGX extends rally as 55 firms boost market

The Nigerian Exchange (NGX) recorded its second consecutive gain on Thursday, buoyed by a strong performance from 55 companies including Academy Press, Berger Paints, Deap Capital, Guinea Insurance, and Unilever Nigeria.

The All-Share Index (ASI) rose by 637.27 points or 0.53%, closing at 120,977.20, while market capitalisation jumped from ₦76.180 trillion on Wednesday to ₦76.583 trillion on Thursday, reflecting renewed investor confidence and robust buying interest.

NGX data revealed a positive market breadth, with 55 gainers against 15 losers. Leading the charge, Academy Press, Berger Paints, Deap Capital, and Guinea Insurance each recorded a 10% increase in share price. Academy closed at ₦5.61, Berger Paints at ₦33.00, Deap Capital at ₦1.10, and Guinea Insurance at 99k per share. Unilever also posted a notable gain of 9.96%, ending the day at ₦56.85.

Conversely, Neimeth International Pharmaceuticals led the losers, shedding 8.49% to close at ₦7.22. Legend Internet dropped 7.98% to ₦7.73, while Computer Warehouse Group fell by 4.50% to ₦13.80. Sovereign Trust Insurance and VFD Group also declined, closing at ₦1.32 and ₦13.50 per share respectively.

Trading activity remained strong, with a total of 933.40 million shares exchanged in 24,207 deals, amounting to a market value of ₦29.31 billion. This was a slight dip in volume from Wednesday’s 1.05 billion shares but saw a sharp increase in value, up from ₦12.17 billion.

Universal Insurance topped the activity chart with 67.33 million shares valued at ₦40.67 million. Access Corporation’s Ja Paul Gold followed with 49.46 million shares, while Guaranty Trust Holding Company (GTCO) traded 40.64 million shares worth ₦3.37 billion.

Analysts suggest that the continued uptrend reflects positive investor sentiment driven by earnings expectations and macroeconomic developments.

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