Nigerian Stock Market Displays Resilience with Notable Rebound

The Nigerian stock market rebounded on Thursday with a 0.23 percent increase in equity indicators, led by gains in medium- and large-cap stocks. The market capitalisation rose by N215 billion, while the All-Share Index increased by 0.32 percent. Transnational Corporation was the top gainer, and trading volume remained active despite a minor decline.

On Thursday, the Nigerian stock market displayed signs of recovery, with equity market indicators increasing by 0.23 percent due to the price appreciation of various medium- and large-cap stocks. The Nigerian Exchange Ltd. (NGX) saw a rise in market capitalisation, gaining N215 billion or 0.32 percent, elevating it from N66.653 trillion to N66.868 trillion.

The All-Share Index also experienced an upward movement, climbing 0.32 percent or 344 points to finish at 106,780.72, up from 106,436.48 in the preceding session. The rally was primarily fueled by significant gains in shares such as Transnational Corporation, Guinness, and Dangote Sugar, with the market breadth closing favourably at 36 gainers versus 15 losers.

Transnational Corporation led the gainers, surging by 9.98 percent to close at N51.80 per share. SCOA Nigeria followed closely, rising by 9.88 percent to end at N3.78 per share. Other notable gainers included Africa Prudential, which advanced by 9.87 percent to N30.60, and Tantalizers, which increased by 9.52 percent to N2.37. Conversely, Sunu Assurance, MRS Nigeria Ltd., and Red Star Express emerged as the largest losers, each declining by 10 percent, closing at N4.77, N166.50, and N5.94, respectively.

In terms of trading volume, a total of 375.73 million shares worth N10.185 billion were exchanged over 11,447 transactions, a decrease from the 389.57 million shares worth N11.309 billion traded across 11,423 transactions in the previous session. Guaranty Trust Holding Company led the activity chart with 49.9 million shares valued at N2.91 billion, followed by Access Corporation with 43.8 million shares worth N1.03 billion and Zenith Bank with 36.5 million shares valued at N1.72 billion.

Finally, Fidelity Bank sold 2.71 million shares worth N469 million, and United Bank for Africa traded 1.94 million shares at a value of N705 million, showcasing a dynamic trading day for the market.

In summary, the Nigerian stock market experienced a rebound on Thursday, with significant gains in medium- and large-cap stocks. The increase in market capitalisation and the positive trend in the All-Share Index were driven by key players like Transnational Corporation, while trading activity remained robust despite a slight decline in volumes. The market’s overall performance reflects a healthy interest in equities, despite some losses recorded.

Original Source: www.premiumtimesng.com