NGX market value climbs to N154.44trn as All-Share Index rises 0.22%
By Aboki Forex —
The Nigerian stock market closed higher on Thursday, August 28, as the NGX All-Share Index climbed 473.17 points to 239,156.09 points, up 0.22 per cent. Market capitalisation rose by N305 billion to N154.442 trillion, helped by bargain hunting in banking and insurance stocks.
The previous session closed at 238,682.92 points with a market value of N154.137 trillion. The positive close came despite weak market breadth, with 39 stocks losing ground against 19 gainers.
Sector performance and top movers
The NGX Banking Index led sector gains, rising by 1.58 per cent. The NGX Insurance Index added 0.03 per cent, while the Consumer Goods Index fell 0.20 per cent and Oil & Gas slipped 0.07 per cent. The Industrial Goods Index closed flat.
Omatek rose by 9.60 per cent to N1.37, Cornerstone Insurance gained 9.18 per cent to N5.35, and AXA Mansard advanced 9.09 per cent to N12.00. Abbey Bank was up 6.25 per cent to N8.50, while First Holdco gained 4.65 per cent to N135.00.
On the downside, Fidson declined by 9.98 per cent to N75.80. Learn Africa fell 9.84 per cent to N8.70, International Energy Insurance dropped 9.84 per cent to N2.84, DAAR Communications lost 8.61 per cent to N1.38, and Legend Internet shed 8.43 per cent to N3.80.
Trading activity and top stocks
A total of 500.0 million shares worth N35.2 billion were traded in 40,323 deals, compared with 733.4 million shares valued at N34.5 billion in 49,210 deals the previous session. Transaction value rose by 2.03 per cent, while trading volume fell 31.82 per cent and deal count dropped 18.06 per cent.
Zenith Bank led activity with 70.0 million shares valued at N8.2 billion. Access Holdings traded 45.4 million shares worth N1.3 billion, GTCO exchanged 37.5 million shares valued at N4.8 billion, Sterling Holdings traded 37.2 million shares worth N283.0 million, and Coronation Insurance recorded 24.3 million shares valued at N49.4 million.
CSCS fee cut proposal
The Central Securities Clearing System (CSCS) is proposing to cut costs for retail investors and stockbrokers. Under the proposed changes, the lien fee for retail clients handling transactions below N100 million would drop from 0.25 per cent to 0.125 per cent, a reduction of 50 per cent. CSCS also plans to remove the existing 0.3 per cent charge on nominal transfers of qualifying securities between immediate family members.
For Nigerian investors, the market's positive close offers some relief after recent losses, but the weak market breadth and falling trading volumes signal that caution remains. The proposed CSCS fee cuts could lower transaction costs for retail participants if approved.