Stock Market rebounds with ₦30bn gain as Bargain Hunting lifts key Stocks

By Taiye Olayemi

The Nigerian stock market rebounded on Friday, adding about ₦30 billion to investors’ portfolios after a previous session downturn, driven by renewed buying interest in select equities.

Market data showed that total market capitalisation on the Nigerian Exchange Ltd. (NGX) rose from ₦106.323 trillion to ₦106.353 trillion. Similarly, the All-Share Index advanced by 0.04 per cent, gaining 72.21 points to close at 166,129.50 from 166,057.29 recorded the previous day.

The positive close was supported by price appreciation in stocks such as Red Star Express, NCR Nigeria, SCOA and Omatek Ventures. Market breadth also reflected improved sentiment, with 43 stocks recording gains against 26 decliners.

Red Star Express topped the gainers’ chart, rising by 10 per cent to ₦13.20, followed by NCR Nigeria, which gained 9.97 per cent to close at ₦128.55. SCOA advanced by 9.96 per cent to ₦14.90, while Omatek Ventures rose by 9.94 per cent to ₦1.77. Deap Capital Management also featured among gainers.

On the losers’ side, McNicholas led the decline, shedding 8.81 per cent to close at ₦6, while Legend Internet, Cornerstone Insurance, Cileasing and Austinlaz also recorded losses.

Despite the rebound, trading activity weakened, with 539.9 million shares valued at ₦16.7 billion exchanged in 48,023 deals, compared with 1.03 billion shares worth ₦31.6 billion traded a day earlier.

Zenith Bank emerged as the most actively traded stock, accounting for the highest volume and value of transactions for the session.