The Nigerian stock market experienced a rebound on Friday, gaining N74 billion after a decline in the previous session. The market capitalization of the Nigerian Exchange Limited increased by 0.07 percent to N105.959 trillion, up from N105.885 trillion. This growth was mirrored in the All-Share Index, which rose by 114.81 points, or 0.07 percent, to 165,512.18, compared to 165,397.37 on Thursday.
The recovery was driven by renewed buying interest in select stocks, including Morison, Union Homes Real Estate Investment Trust, SCOA, RT Briscoe, and Austinlaz. Despite this, the market breadth closed negative, with 40 stocks declining and 34 recording gains. Neimeth International Pharmaceutical led the losers, shedding 9.86 percent to close at N13.25 per share, followed by Secure Electronic Technology and Eterna, which declined by 9.35 percent and 8.23 percent, respectively.
On the other hand, Union Homes Real Estate Investment Trust and Morison topped the gainers’ table, each appreciating by 9.94 percent to close at N71.35 and N7.52 per share, respectively. The market activity slowed down during the session, with total deals, volume, and value declining. A total of 731.7 million shares valued at N19.05 billion were traded in 44,005 deals, compared to 768.3 million shares worth N21.2 billion exchanged in 46,481 transactions on Thursday.
CHAMS recorded the highest trading volume with 76.86 million shares, representing 10.51 percent of the total volume, while Zenith Bank led in value terms with trades worth N3.47 billion, accounting for 18.20 percent of the day’s total value. The Nigerian stock market’s rebound is a significant development, indicating a potential shift in investor sentiment. As the market continues to evolve, it is essential to monitor the trends and activities of key players to understand the underlying factors driving these changes. The market’s performance will likely be influenced by various economic and financial factors, making it crucial for investors to stay informed and adapt to the changing landscape.
