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NGX gains N264bn amid Cardoso’s nomination

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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.

How Equities Reacted

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.

Market Indices

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

How Stocks Performed

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.

Top Gainers and Top Losers

  • CHAMS, NNFM, and OANDO led the top gainer’s chart as they all gained +10.00% each.
  • Meanwhile, OMATEK, SKYAVN, and BETA GLASS led the top losers’ chart as they lost –10.00%, -9.95%, and –9.93% respectively.

Top Traded Stocks

  • There was higher trading activity in terms of volume as 515.28 million units of shares were traded today compared to the 408.87 million traded from the previous day’s session.
  • UBA led the chart in terms of volume as 109.47 million units were traded. UNIVINSURE (65.40 million) and TRANSCORP (42.31 million) rounded up the top 3 traded stocks for today.
  • In terms of value traded, UBA (N1.93 billion) led the chart followed by ACCESS HOLDINGS (N703.40 million) and TRANSCORP (N264.95 million) to round up the top three.

SWOOTs Watch

  • Shares of stocks worth over one trillion (swoot) saw mixed results as ZENITH BANK (-0.3%) closed negative while AIRTEL AFRICA (1.6%) and GTCO (0.14%) both recorded positive trading sessions.
  • Meanwhile, BUA CEMENT, BUA FOODS, SEPLAT ENERGY, DANGOTE CEMENT, and MTN NIGERIA all closed flat.

FUGAZ Update

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.


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