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NGX gains N264bn amid Cardoso’s nomination



The Nigerian Exchange (NGX) opened the trading week in positive territory as Investors reacted to President Tinubu’s nomination of Cardoso as the new CBN Governor.

President Bola Tinubu had on September 15, 2023, nominated Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, subject to confirmation by the Nigerian Senate.

Following Cardoso’s nomination, the All-Share Index (ASI) traded 0.71% higher to close at 67,877.17 index points as against 67,395.74 index points recorded in the previous day’s trading session.

Likewise, the market capitalization of equities saw a gain of N264 billion to close at N37.150 trillion, 0.71% higher than the N36.886 trillion recorded in the previous trading session.

Below are the market indices for today’s trading session:

NGX ASI: 67,877.17 points

% Day Change: +0.71%

% YTD: +32.44%

Market Cap: N37.150 trillion

Volume Traded: 515.28 million

Value: N8.92 billion

Deals: 8,357

Market breadth closed positive as CHAMS (10.00%) led the gainers, OMATEK (-10.00%) led the losers while UBA was the most traded equity – by volume – at the end of today’s session.

Shares of tier 1 banks saw mixed trading sessions as UBA (8.51%), ACCESS HOLDINGS (1.45%) and GTCO (0.14%) recorded positive trading sessions, while ZENITH BANK (-0.3%) and FBN HOLDINGS (-0.56%) closed negative.