The Nigerian Exchange Limited (NGX) fairness market capitalisation hit a record N164.97 trillion yesterday as sturdy shopping for curiosity in industrial shares, significantly Dangote Cement, lifted market efficiency.
The market capitalisation rose by N779.31 billion, or 0.47 per cent, from N164.19 trillion recorded on Wednesday, surpassing the earlier record of N164.91 trillion achieved on October 27.
Similarly, the benchmark NGX All-Share Index gained 1,200.24 factors to shut at an all-time excessive of 254,083.02 factors, in contrast with 252,882.78 factors within the earlier session.
Dangote Cement, the change’s largest listed firm by market capitalisation, was a significant driver of the rally, rising 5.82 per cent to N1,420 per share from N1,341.90. The inventory added to purchasing momentum within the industrial sector, pushing the NGX Industrial Index up 3.41 per cent to 12,199.47 factors.
The NGX Premium Index superior 1.01 per cent, whereas the Lotus Islamic Index gained 1.20 per cent. The NGX Growth Index rose 0.98 per cent, and the Insurance Index elevated 0.75 per cent.
However, losses in banking shares restricted the broader market’s beneficial properties. The NGX Banking Index declined 2.10 per cent to 2,461.21 factors, dragged down by First Holdco, which fell 10 per cent to N125.55.
First Holdco recorded 343.8 million shares in buying and selling quantity, contributing considerably to market exercise. United Bank for Africa and Guaranty Trust Holding Company additionally recorded marginal declines.
Market buying and selling quantity elevated 61.88 per cent to 654.14 million shares from 404.08 million shares on Wednesday. However, the variety of offers fell 8.16 per cent to 35,789 from 38,970.
eTranzact led the gainers, rising 10 per cent to N17.60, adopted by Sovereign Trust Insurance, which gained 9.60 per cent to N2.17.
Other main gainers included FTG Insurance, McNichols and Zichis, whereas Livestock Feeds and Tantalizers have been among the many notable losers.
The session highlighted the affect of large-cap industrial shares in driving the market to new highs regardless of sustained profit-taking within the banking sector.
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