Nigerian Stock Market Rebounds with N425 Billion Gain
The Nigerian Exchange Limited (NGX) bounced back from a three-day downturn on Friday, recording a N425 billion gain to end the week on a positive note. According to market statistics, the uptrend was driven by renewed buying interest in stocks such as Beta Glass, FTN Cocoa Processors, UPDC, Veritas Kapital Assurance, and Sovereign Trust Insurance, among others.
The market capitalization rose by 0.48% to close at N89.208 trillion, up from N88.783 trillion on Thursday. This increase was mirrored by the All-Share Index (ASI), which soared by 0.48% or 671.70 points to settle at 141,004.14. At the close of trading on Friday, the market breadth was positive, with 51 gainers and 13 losers.
Beta Glass led the gainers’ table with a 10% increase, closing at N449.35, followed by UPDC, FTN Cocoa Processors, Veritas Kapital Assurance, and Sovereign Trust Insurance. Conversely, Thomas Wyatt Nigeria led the losers’ chart, losing 9.91% to close at N3. Other stocks that recorded significant dips included McNichols, The Initiates Plc, E-Tranzact International, and NPF Microfinance Bank.
NGX market activities showed an increase in market volume, value, and deals, with 1.30 billion shares valued at N47.84 billion traded across 25,916 transactions. This represents a significant increase from the previous session’s 573.75 million shares valued at N12.88 billion, which were exchanged across 25,881 deals.
Zenith Bank emerged as the most active stock, leading the activity chart with 345.5 million shares worth N21.2 billion. This significant trading activity underscores the bank’s prominent position in the Nigerian financial sector.
The rebound in the NGX is a welcome development for investors, who had seen the market decline over the previous three days. The renewed buying interest in key stocks and the corresponding increase in market capitalization and ASI suggest a renewed confidence in the Nigerian stock market. As the market continues to navigate the complexities of the global economy, investors will be closely watching the NGX for signs of sustained growth and stability.