Samantha Nelson
Wed, Aug 30, 2023 6:35 AM

NGX All-Share Index Hits 15-Year High on Gains in Dangote Sugar Refinery and Others

BusinessEarn Max 30 Coins💰 Get coins immediately after reading this article

NGX All-Share Index Hits 15-Year High on Gains in Dangote Sugar Refinery and Others
The Nigerian Exchange Limited (NGX) sustained gains at the end of yesterday's trading session, reaching a 15-year high. This was largely due to the increase in Dangote Sugar Refinery (DSR) shares, along with gains in several other stocks. The market capitalisation of listed equities rose by N186 billion, while the All-Share Index (ASI) increased by 0.5%. Market breadth closed positive, with 34 stocks gaining and 32 decliners.

The Nigerian stock market witnessed a significant surge as the Nigerian Exchange Limited (NGX) closed at a 15-year high on the back of impressive gains recorded in Dangote Sugar Refinery (DSR) and several other stocks. The All-Share Index (ASI) rose by 0.5% to reach a 15-year high of 66,490.34 points while the market capitalisation of listed equities increased by N186 billion to close at N36.391 trillion.

The strong performance of the stock market can be attributed to the price appreciation in large and medium-capitalised stocks, with Dangote Sugar Refinery, NASCON Allied Industries, Flour Mills of Nigeria, Transcorp Hotels, and Nigerian Aviation Handling Company (NAHCO) leading the charge.

Market breadth closed positive, with 34 stocks gaining relative to 32 decliners. Champion Breweries and Flour Mills of Nigeria emerged as the highest price gainers, both recording a 10% increase in share prices to close at N3.19 kobo and N33 respectively. National Salt Company of Nigeria Allied Industries followed closely with a gain of 9.96% to close at N54.1, while Nigerian Aviation Handling Company and Dangote Sugar Refinery advanced by 9.95% each to close at N22.1 and N57.45 respectively.

However, not all stocks fared well, as Linkage Assurance and Computer Warehouse Group (CWG) recorded a decline of 10% each to close at 90 kobo and N4.05 kobo respectively. Chellaram followed with a decline of 9.85% to close at N3.57 kobo, while Prestige Assurance and University Press shed 9.8% and 9.66% respectively.

The total volume of trade increased by 40.45% to 436.956 million units, valued at N7.014 billion, and exchanged in 7,932 deals. FBN Holdings (FBNH) emerged as the most traded stock, with 55.146 million shares worth N911.206 million changing hands. Japaul Gold & Ventures and United Bank for Africa (UBA) also recorded significant volumes of trade.

In other news, the Securities and Exchange Commission (SEC) sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State. The company was allegedly engaging in illegal fund management activities without proper registration. The SEC advises the public to verify the registration status of any investment entity and the authorization of their investment schemes with the commission.

The current positive performance of the Nigerian stock market is indicative of the resilience and attractiveness of the equities market. Investors remain hopeful that this momentum will be sustained in the coming weeks, leading to further growth and profitability.

Source of content: OOO News 2023-08-30 News

More detailed, more comprehensive, fresher news, please visit OOO NEWS.

Share content to earn coins