After four days of pain, Stocks deliver N234bn relief

By Taiye Olayemi

The Nigerian stock market staged a modest recovery on Friday, with investors gaining N234 billion as renewed buying interest reversed a four-session losing streak and lifted key market indicators.

At the close of trading, the market capitalisation of the Nigerian Exchange (NGX) increased by N234 billion, rising from N155.359 trillion recorded on Thursday to N155.593 trillion.

Similarly, the All-Share Index (ASI) advanced by 366 points, representing a gain of 0.15 per cent, to close at 242,593.31 points, compared to 242,227.31 points posted in the previous trading session.

The News Agency of Nigeria reports that the rebound further strengthened the market’s year-to-date return, which improved to 55.90 per cent, underscoring sustained investor confidence despite recent market volatility.

Market sentiment remained broadly positive as gainers significantly outnumbered losers. A total of 39 equities appreciated in value, while only 11 stocks closed in negative territory.

Abbey Mortgage Bank, International Energy Insurance and Daar Communications emerged as the day’s top performers, each recording the maximum allowable gain of 10 per cent to close at N9.35, N7.26 and N1.98 respectively.

Other notable gainers included Zichis Agro Allied Industries, which rose by 9.39 per cent to N32.38, and Sovereign Trust Insurance, which appreciated by 8.70 per cent to close at N2.50 per share.

On the downside, Academy Press led the losers’ chart after shedding 9.84 per cent to close at N8.25 per share, while University Press declined by 9.73 per cent to N5.10.

VFD Group fell by 7.59 per cent to N10.35, Africa Prudential lost 2.63 per cent to settle at N12.95, while CHAMS dropped 2.44 per cent to close at N4.00 per share.

Trading activity also recorded an improvement, reflecting stronger market participation. Total volume traded rose by 3.40 per cent to 608.49 million shares valued at N32.03 billion, exchanged in 53,826 deals.

Abbey Mortgage Bank dominated trading by volume, accounting for 164.08 million shares, representing nearly 27 per cent of all shares traded during the session.

In value terms, Seplat emerged as the most actively traded stock, posting transactions worth N9.74 billion and accounting for more than 30 per cent of the market’s total turnover.

The positive close signals renewed investor appetite for equities and offers a measure of relief after days of sustained profit-taking that had weighed on market performance.