The Nigerian equities market added N1.18 trillion in value on September 17 as sustained buying pushed the benchmark index higher and drove market capitalisation to N159.89 trillion.
Equity market capitalisation rose from N158.715 trillion to N159.892 trillion, representing an increase of approximately N1.18 trillion in a single session.
The NGX All-Share Index (ASI) advanced by 1,523.59 points, or approximately 0.62 percent from 244,791.79 points to 246,315.38 points, extending the market’s positive momentum.
The advance was accompanied by a substantial increase in turnover with investors exchanging 1.112 billion shares worth N46.02 billion during the session, compared with 662.43 million shares valued at N37.45 billion on September 16.
Trading volume therefore surged approximately 67.8 percent, while transaction value increased about 22.9 percent.
The number of deals, however, declined 14.5 percent to 54,102 from 63,271 in the previous session.
| Market Indicator | September 16 | September 17 | Change |
|---|---|---|---|
| ASI | 244,791.79 | 246,315.38 | +0.62% |
| Equity Capitalisation | N158.715tn | N159.892tn | +N1.18tn |
| Volume | 662.43m | 1.112bn | +67.8% |
| Value | N37.45bn | N46.02bn | +22.9% |
| Deals | 63,271 | 54,102 | -14.5% |
The combination of substantially higher volume and value alongside fewer deals indicates that the increase in turnover was driven by larger transactions rather than simply a greater number of trades.
Banking stocks dominated activity, led by Fidelity Bank Plc, which recorded 524.33 million shares worth N10.30 billion. The stock alone accounted for approximately 47.2 percent of the entire 1.112 billion shares traded on the Exchange.
Zenith Bank followed with 78.56 million shares valued at N10.10 billion, while Sterling Financial Holdings recorded 75.82 million shares worth N572.72 million. Access Holdings contributed another 44.73 million shares valued at N1.28 billion.
Together, the four banking counters accounted for approximately 723.44 million shares, or 65.1 percent of total market volume, and N22.25 billion, representing about 48.3 percent of transaction value.
Price performance also reflected strong buying interest in selected equities.
BUA Cement Plc, Consolidated Hallmark Holdings Plc and Beta Glass Plc each appreciated 10 percent to close at N297.00, N7.37 and N511.50, respectively.
UPDC Real Estate Investment Trust also gained 10 percent to N17.60, while Royal Exchange advanced 9.89 percent to N1.00.
The rally did not extend across the entire market, however, as selling pressure remained pronounced in several stocks.
Transcorp Power Plc recorded the steepest equity decline, falling 9.97 percent from N219.60 to N197.70.
Legend Internet followed with a 9.88 percent decline to N3.65, while Omatek Ventures dropped 9.66 percent to N1.31 and LivingTrust Mortgage Bank lost 8.45 percent to close at N2.60.
The contrasting movements showed that despite the strong increase in the benchmark index and market capitalisation, investors continued to take profits and reduce exposure in selected counters.
The September 17 performance extends the improvement recorded in the preceding session.
On September 16, market capitalisation had risen approximately N967.72 billion to N158.715 trillion as the ASI advanced about 0.61 percent.
The latest N1.18 trillion increase means market capitalisation has expanded by approximately N2.15 trillion from the N157.747 trillion recorded on September 14, while the ASI has climbed from 243,299.24 points to 246,315.38 points over the same period.
The September 17 session therefore strengthened the market’s recent recovery, with gains in the benchmark index and market capitalisation accompanied by a sharp expansion in turnover, although trading activity remained heavily concentrated in banking equities.
