Nigeria’s Stock Market Rebounds with 0.02% Gain After Losses

Nigeria’s stock market rebounded by 0.02% on Wednesday, with the market capitalization increasing to N67.179 trillion and the All-Share Index closing at 107,798.99. Key gainers included UH Real Estate Investment Trust and Africa Prudential, while overall trading volume dropped from previous levels.

On Wednesday, Nigeria’s stock market demonstrated a slight recovery, recording a modest gain of 0.02 percent. The market capitalization of the Nigeria Exchange Ltd. (NGX) increased by N11 billion, rising from N67.168 trillion to N67.179 trillion. The All-Share Index also improved by 17 points, closing at 107,798.99 and reflecting a Year-To-Date return of 4.73 percent.

Leading the gainers was UH Real Estate Investment Trust, which surged by 9.94 percent, reaching N44.25 per share. Africa Prudential followed closely with a 9.90 percent gain, resulting in a share price of N33.30. Additionally, Caverton Offshore Support Group and Lasaco Assurance enjoyed increases of 9.87 percent and 6.92 percent, closing at N2.45 and N3.09 per share, respectively.

The day’s trading activity saw investors handling a total of 245,516,922 shares valued at N8.414 billion across 10,098 transactions. This was a decrease compared to the previous day, which recorded 363,516,922 shares worth N10.118 billion in 13,753 deals. Access Holdings dominated the trading volume with 36.55 million shares, followed by Zenith Bank at 26.79 million shares and Sterling Financial Holdings with 11.25 million shares.

In summary, Nigeria’s stock market is showing signs of recovery with a 0.02 percent rebound, as indicated by the rise in market capitalization and All-Share Index. The notable gains from various companies suggest a potential positive trend moving forward. However, trading volumes have decreased compared with prior days, meriting monitoring for future developments.

Original Source: gazettengr.com