The Nigerian stock market rebounded on Friday, ending a four-day losing streak with a significant gain of N285 billion, boosting investors’ portfolios. The Nigerian Exchange Limited (NGX) market capitalisation rose by 0.29 per cent to N97.543 trillion, up from N97.258 trillion at the opening. The All-Share Index also increased by 0.29 per cent, or 449.80 points, to 154,126.46, compared to 153,676.66 on Thursday.

The year-to-date return has now climbed to 49.74 per cent, indicating a strong performance for the market so far this year. However, market breadth was negative, with 35 losers outpacing 31 gainers. The renewed interest in stocks such as Julius Berger, Learn Africa, Cornerstone Insurance, Aso Savings, and Ikeja Hotel contributed to the positive market sentiment.

Julius Berger and other stocks led the gainers’ table, while Eterna, McNichols, and Deap Capital were among the top losers, each falling by 10 per cent to close at N36.00, N2.97, and N1.71 per share, respectively. The total trades on Friday amounted to 5.2 billion shares worth N45.2 billion, executed across 30,598 deals. Cornerstone Insurance was the most active stock, with 4.68 billion shares valued at N22.13 billion, followed by Guaranty Trust Holding Company (GTCO), which traded 66.4 million shares worth N5.9 billion.

The Nigerian stock market’s rebound is a significant development, coming after four consecutive days of losses. The market’s ability to bounce back, driven by renewed interest in key stocks, suggests a level of resilience and investor confidence. As the market continues to evolve, it is essential to monitor the performance of key stocks and market indicators to gauge the overall health of the economy. With the year-to-date return at 49.74 per cent, investors will be watching closely to see if the market can sustain this momentum in the coming days.