On Thursday, the Nigerian stock market rebounded with a 0.23% increase driven by gains in major stocks. The market capitalization increased by N215 billion, and the All-Share Index rose by 344 points. Notable gainers included Transnational Corporation and SCOA Nigeria, while several companies faced losses. Overall trading volume showed a slight decline in shares exchanged.
On Thursday, the Nigerian stock market experienced a positive rebound, with equity market indicators rising by 0.23%. The Nigerian Exchange Limited (NGX) recorded a market capitalization increase of N215 billion, elevating it to N66.868 trillion, up from N66.653 trillion. Additionally, the All-Share Index rose by 0.32% or 344 points, closing at 106,780.72 compared to the previous day’s 106,436.48.
This upward trend was primarily attributed to price increases in several medium- and large-cap stocks, including Transnational Corporation, Guinness, and Dangote Sugar. The market closed positively with 36 gainers and 15 losers. Leading the gainers, Transnational Corporation surged by 9.98% to close at N51.80 per share, followed closely by SCOA Nigeria with a 9.88% increase, closing at N3.78. Other notable gainers included Africa Prudential, Tantalizers, and Caverton Offshore Support Group.
On the contrary, the losers’ table saw Sunu Assurance, MRS Nigeria Ltd., and Red Star Express each declining by 10%, closing at N4.77, N166.50, and N5.94, respectively. Additionally, Lasaco Assurance and UPDC Real Estate Investment Trust suffered losses of 7.99% and 6.76%, closing at N2.65 and N2.62. Overall, a total of 375.73 million shares valued at N10.185 billion changed hands across 11,447 transactions, slightly down from the previous day’s volume of 389.57 million shares valued at N11.309 billion.
Guaranty Trust Holding Company led the trading activity, with 49.9 million shares valued at N2.91 billion exchanged. Access Corporation followed with 43.8 million shares worth N1.03 billion, while Zenith Bank traded 36.5 million shares valued at N1.72 billion, alongside Fidelity Bank and United Bank for Africa with significant transactions as well.
The Nigerian stock market’s recent rebound demonstrates a significant recovery, primarily driven by substantial gains in key stocks. The market’s upward momentum indicates investor confidence, as evidenced by a positive trading day characterized by a healthy number of gainers. Continued observation will be essential to monitor whether this trend is sustainable as market participants respond to ongoing economic conditions.
Original Source: www.premiumtimesng.com
