Nigerian equity market gains N66 billion amid recovery

The Nigerian equity market rebounded on Thursday, posting a N66 billion gain after the previous session’s decline. This recovery was driven by strong investor interest in leading stocks such as Seplat, Oando, and Stanbic IBTC.

The market capitalization, which began the day at N54.382 trillion, saw an increase of N66 billion, closing at N54.448 trillion, marking a 0.12% rise.

Similarly, the All-Share Index (ASI) gained 0.12%, advancing by 114.24 points to close at 95,895.92, up from 95,781.68 recorded on Monday. This positive movement brought the Year-To-Date (YTD) return to 28.25%.

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Despite the overall market uptick, market breadth closed negative, with 24 stocks declining while 19 gained. On the losers’ side, Thomas Wyatt led with a 9.71% drop to close at N1.58, followed by Omatek, which fell by 6.85% to 68k per share.

FTN Cocoa Processors, Neimeth International Pharmaceuticals, and The Initiates Plc also saw declines, closing at N1.92, N1.90, and N2.15 per share, respectively.

Conversely, Learn Africa topped the gainers’ chart with a 9.94% increase to close at N3.87. Oando Plc followed closely with a 9.90% rise, closing at N43.30 per share. Cutix Plc, RT Briscoe, and UPL also posted gains, closing at N2.90, N2.05, and N2.66 per share, respectively.

Market activity showed a slight improvement, with trade turnover higher than in the previous session. The total value of transactions increased by 0.50%, with 1.01 billion shares worth N7.69 billion exchanged in 8,295 deals. This compares to the 3.55 billion shares valued at N7.65 billion traded in 9,291 deals during the previous session.

Jaiz Bank led the activity chart in both volume and value, with 651.29 million shares worth N1.50 billion traded. Sterling Nigeria followed with 53.94 million shares valued at N218.41 million.

Other notable trades included International Breweries with 28.41 million shares worth N128 million, FCMB Group with 21.87 million shares valued at N166 million, and Access Corporation with 20.29 million shares worth N394.09 million.