NGX Continues Bull Run.
On
the NGX, the first trading day of the week witnessed strong positive action.
All major indices, including the NGX All-Share Index, NGX Premium Board Index,
and the NGX Growth Board Index finished the day in positive territory, gaining
+1.92%, +2.96%, and +0.42% respectively.
The
market capitalisation of the exchange also increased to N46.319 trillion from
last Friday’s N45.199 trillion, putting N1.118 trillion in investor's pockets
yesterday alone.
NGX
also saw history yesterday as Transcorp Hotels Plc. (TRANSCOHOT) climbed +7.24%
to close at N100, breaching the N1 trillion market cap barrier and becoming the
first hospitality company to join the exclusive "SWOOT" ranks.
Sectoral Performance:
In
the trading session, all sector indices experienced positive price movements.
The best performance came from the NGX Insurance Index, increasing by +7.23%,
driven by notable gains in MANSARD (+10.00%), UNIVINSURE (+8.11%), and AIICO
(+2.40%).
Insurance
firms have maintained an upward trend throughout the new year, contributing to
a cumulative gain of over +35% in the insurance index.
This
impressive performance may be attributed to the collaborative efforts of the
Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian
Insurance Commission (NAICOM).
These
regulatory bodies have announced their intentions to review and implement the
insurance services regulations jointly issued in June 2022 to encourage
Nigerian oil and gas companies to patronise local insurance providers.
Following
closely, the NGX Industrial Index and NGX Consumer Goods Index secured second
and third places, recording gains of +4.40% and +1.78%, respectively.
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