NaijaBuzz

Fresh Naija News • Football • Gossip • Entertainment • World Updates

Stock Market Appreciates by N221bn on Demand for Nestle, Others

Naija News • 2h ago
Stock Market Appreciates by N221bn on Demand for Nestle, Others
**Market Gains N221 Billion as Investors Flock to Nestle and Other Stocks** The Nigerian Exchange Limited (NGX) recorded a remarkable gain of N221 billion yesterday, thanks to a surge in demand for top-performing stocks like Nestle Nigeria Plc and 32 other companies. This impressive growth brings the market capitalization of listed companies to N126.32 trillion, a significant increase from the previous day's opening value of N126.1 trillion. The NGX All-Share Index, a key indicator of the market's performance, also witnessed a notable increase of 343.93 basis points to close at 196,807.15 basis points. This translates to a 0.17 per cent rise from the previous day's closing value. As a result, the index's month-to-date and year-to-date returns have improved to +2.1 per cent and +26.5 per cent, respectively. While sectoral performance was mixed, the NGX Banking Index and NGX Consumer Goods Index showed a modest gain of 0.5 per cent and 0.1 per cent, respectively. However, the NGX Insurance Index and NGX Oil & Gas Index experienced a decline of 1.6 per cent and 0.2 per cent, respectively. The NGX Industrial Goods index closed flat, indicating no significant change. The total volume of trades declined by 21.3 per cent to 634.01 million units, valued at N29.11 billion, and exchanged in 66,286 deals. Jaiz Bank emerged as the most traded stock by volume, while GTCO was the most traded stock by value at N5.41 billion. Market sentiment was negative, as 37 stocks lost value compared to 31 gainers. However, some notable gainers include NPF Microfinance Bank Plc, which rose by 10.0 per cent, and Eterna Plc, which also gained 10.0 per cent. On the other hand, Tripple G Plc and Multiverse led the laggards, with a decline of 9.9 per cent each. This recent market gain is a welcome development for investors and a testament to the resilience of the Nigerian stock market. As the market continues to evolve, it will be interesting to see how these trends unfold in the coming days and weeks.
Source: Original Article. AI-enhanced version.