NGX rallies for fifth consecutive session amid FUGAZ buying
Market capitalisation rises to N156.55 trillion as year-to-date return hits 56.77%, the highest since June
Nigeria’s equities market extended its winning run to a fifth consecutive session on Thursday, as sustained buying interest in FUGAZ counters pushed market capitalisation up by N961.75 billion to close at N156.55 trillion.
The NGX All-Share Index gained 0.62 percent to settle at 243,958.73 points, up from 242,459.98 points recorded on Wednesday, according to data from Nairametrics.
First HoldCo dominated trading activity for the session, with a single block trade of 1.26 billion shares valued at N85.61 billion accounting for the bulk of the day’s total volume and value on the exchange.
Beyond First HoldCo, sustained demand for MTN Nigeria, Zenith Bank, and other FUGAZ names underpinned the broader market rally, reinforcing the bullish sentiment that has characterised trading through the week.
With Thursday’s advance, the market’s year-to-date return climbed to 56.77 percent, its strongest level since June, while the month-to-date return for July stands at 6.3 percent so far.
The five-day gaining streak underscores growing investor confidence in Nigerian equities, with heavyweight financial and telecoms stocks continuing to lead the charge as the market builds on momentum from previous sessions.
