Stock market rebounds with N57bn gain amidst buying interest

By Rukayat Adeyemi

The Nigerian Exchange Ltd. (NGX) rebounded on Wednesday, gaining N57 billion to close at N56.504 trillion.

This increase follows eight consecutive sessions of losses.

The market capitalisation, which opened at N56.447 trillion, rose by 0.10 per cent to reach N56.504 trillion by the close of trading.

Similarly, the All-Share index saw a 0.10 per cent increase or 101 points, closing at 99,908.89, compared to 99,808.34 posted on Tuesday.

As a result, the Year-To-Date (YTD) return rose to 33.61 per cent, reflecting renewed investor confidence.

The market saw notable buying interest in FBN Holdings, Access Corporation, Transnational Corporation, Guinea Insurance, Ikeja Hotel, and other top-performing stocks.

However, the market breadth closed negative with 17 gainers and 28 losers.

On the losers’ table, Livestock led with a 10 per cent decline to close at N1.44 per share.

International Energy Insurance and Computer Warehouse Group followed, trailing by 9.79 per cent each, to close at N1.29 and N6.45 per share, respectively.

FTN Cocoa Processors declined by 9.72 per cent to close at N1.30, while Africa Prudential shed 9.42 per cent to close at N6.25 per share.

Conversely, Ikeja Hotel led with a 10 per cent gain to close at N7.26 per share, followed by Fidelity Bank, which gained 9.88 per cent to close at N8.90 per share.

Academy Press also recorded a gain of 9.77 per cent to close at N1.91, while Morison Industries Plc added 9.71 per cent to close at N3.39, and Prestige Assurance Plc rose by 9.26 per cent to close at 59k per share.

However, despite the positive momentum, trade turnover settled lower relative to the previous session, with the value of transactions down by 30.56 per cent.

A total of 322.66 million shares valued at N5.82 billion were exchanged in 9,074 deals, compared to 403.89 million shares valued at N8.38 billion traded in 10,170 deals on Tuesday.

United Bank For Africa (UBA) led the activity in volume with 55.01 million shares valued at N1.30 billion, followed by Zenith Bank with 47.03 million shares worth N1.69 billion.

Access Corporation traded 44.98 million shares valued at N789.62 million, while Universal Insurance transacted 21.25 million shares valued at N7.87 million.

Transnational Corporation sold 15.92 million shares worth N211.40 million.