NGX extends bullish run as market capitalisation hits N93.3 trillion, marking its 11th consecutive day of gains led by Dangote Cement and NEM Insurance

NGX extends bullish run The Nigerian Exchange Ltd. (NGX) sustained its bullish momentum on Friday, with market capitalisation climbing by 0.54 per cent or N497 billion to close at N93.295 trillion, up from N92.798 trillion the previous day.

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This marks the 11th consecutive trading session of gains on the Exchange, reflecting renewed investor confidence across key sectors.

The All-Share Index (ASI) rose by 793.70 points, or 0.54 per cent, to settle at 146,988.04 points compared to Thursday’s 146,204.34 points.

Analysts said the NGX’s extended bullish run was largely driven by strong performances in industrial and financial stocks, led by Dangote Cement, NEM Insurance, Jaiz Bank, and FTN Cocoa Processors.

Dangote Cement topped the gainers’ chart with a 6.48 per cent increase to close at N575 per share, while FG202031S1 advanced by 6.18 per cent to N109.44.

NEM Insurance rose by 5.23 per cent to N29.15 per share, Jaiz Bank gained 4.65 per cent to N4.50, and FTN Cocoa Processors added 3.57 per cent to close at N5.80 per share.

However, market breadth closed flat, with 25 gainers matching 25 losers. Union Home Real Estate led the laggards, dropping 9.98 per cent to N51.85, while Meyer fell 9.85 per cent to N15.10.

Sterling Nigeria declined 9.58 per cent to N7.55, Cornerstone Insurance shed 6.90 per cent to N6.21, and Etranzact International dropped 6.25 per cent to N15.

Trading activity was mixed, with higher volumes but lower deal values. A total of 386.6 million shares worth N11.26 billion were traded in 21,842 deals, compared to 346.99 million shares valued at N27.43 billion in 24,691 deals on Thursday.

Fidelity Bank maintained its lead on the activity chart with 47.3 million shares worth N959.3 million. CHAMS followed with 38.5 million shares valued at N169.8 million, while Japaul Gold traded 21.8 million shares worth N56 million.

Zenith Bank and FCMB recorded 18.2 million and 18.1 million shares valued at N1.26 billion and N195.2 million respectively.

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Market analysts noted that the NGX’s extended bullish run indicates growing investor optimism, buoyed by improving performances in industrial and banking stocks as well as sustained demand for blue-chip equities.