NGX Market Cap Hits Record N164.97tn

The Nigerian Exchange Limited (NGX) equity market capitalisation hit a record N164.97 trillion yesterday as strong buying interest in industrial stocks, particularly Dangote Cement, lifted market performance.

The market capitalisation rose by N779.31 billion, or 0.47 per cent, from N164.19 trillion recorded on Wednesday, surpassing the previous record of N164.91 trillion achieved on October 27.

Similarly, the benchmark NGX All-Share Index gained 1,200.24 points to close at an all-time high of 254,083.02 points, compared with 252,882.78 points in the previous session.

Dangote Cement, the exchange’s largest listed company by market capitalisation, was a major driver of the rally, rising 5.82 per cent to N1,420 per share from N1,341.90. The stock added to buying momentum in the industrial sector, pushing the NGX Industrial Index up 3.41 per cent to 12,199.47 points.

The NGX Premium Index advanced 1.01 per cent, while the Lotus Islamic Index gained 1.20 per cent. The NGX Growth Index rose 0.98 per cent, and the Insurance Index increased 0.75 per cent.

However, losses in banking stocks limited the broader market’s gains. The NGX Banking Index declined 2.10 per cent to 2,461.21 points, dragged down by First Holdco, which fell 10 per cent to N125.55.

First Holdco recorded 343.8 million shares in trading volume, contributing significantly to market activity. United Bank for Africa and Guaranty Trust Holding Company also recorded marginal declines.

Market trading volume increased 61.88 per cent to 654.14 million shares from 404.08 million shares on Wednesday. However, the number of deals fell 8.16 per cent to 35,789 from 38,970.

eTranzact led the gainers, rising 10 per cent to N17.60, followed by Sovereign Trust Insurance, which gained 9.60 per cent to N2.17.

Other major gainers included FTG Insurance, McNichols and Zichis, while Livestock Feeds and Tantalizers were among the notable losers.

The session highlighted the influence of large-cap industrial stocks in driving the market to new highs despite sustained profit-taking in the banking sector.