8th November, 2024
The Nigerian equity market experienced a remarkable rebound on Thursday, adding a substantial N217 billion to investors’ portfolios.
The Equity Market’s growth was propelled by strong performances from leading stocks such as Zenith Bank, Access Corporation, and Aradel Holdings, among others.
The surge in market capitalisation and the All-Share Index signals a positive shift, with investor sentiment buoyed by the gains across key sectors.
Equity Market capitalisation rose by 0.37 per cent, increasing from N58.515 trillion to N58.732 trillion. Similarly, the All-Share Index gained 0.37 per cent, closing at 96,924.86 points, up from 96,567.24 points on Wednesday.
This growth brought the Year-To-Date (YTD) performance to 29.62 per cent, with a positive market breadth of 33 gainers and 17 losers.
Conoil and Aradel Holdings led the gainers’ table, each rising by 10 per cent to close at N236.50 and N441.20 per share, respectively.
Eunisell gained 9.42 per cent, closing at N8.20, while John Holt added 9.77 per cent to close at N4.38. Thomas Wyatt Nigeria also advanced by 9.71 per cent to close at N1.92 per share.
On the flip side, Tantalizers led the losers’ chart with a 6.25 per cent decline, closing at N0.60. NGX Group followed with a 5.81 per cent drop, closing at N23.50 per share.
Wema Bank lost 5.63 per cent, closing at N7.55, RT Briscoe fell by 4.46 per cent to close at N3, and FCMB dropped 3.59 per cent to close at N9.40 per share.
Analysis of market activities showed a higher trade turnover compared to the previous session, with the value of transactions increasing by 64.10 per cent. A total of 744.5 million shares valued at N16.48 billion were exchanged in 9,700 deals, compared to 418.39 million shares valued at N10.04 billion in 9,021 deals previously.
Meanwhile, Japaul Gold led in volume with 100.93 million shares traded, while Julius Berger led in the value of transactions, with deals worth N4.55 billion.
