The Nigerian Exchange Limited (NGX) recorded a significant recovery on Wednesday, March 29, as investors gained N684 billion following a positive trading session that reversed the previous day’s losses.
Market capitalization rose to N122.236 trillion from an opening N121.552 trillion, while the All-Share Index (ASI) increased by 1,065.02 points (0.56 percent) to close at 190,427.96, up from 189,362.94. This improvement elevated the Year-to-Date (YTD) return to 22.37 percent.
Despite the overall upward trend, market breadth was negative, with 42 stocks declining compared to 34 gainers. The rally was primarily fueled by renewed interest in equities such as Beta Glass, Mansard, and Skyway Aviation Handling Company, each gaining 10 percent to close at N498.50, N17.05, and N128.70 respectively. Deap Capital Management led the losers with a 10 percent drop to N6.30 per share.
Trading activity surged, with volume rising 206 percent to 3.7 billion shares and value increasing 3 percent to N61.9 billion, though the number of deals fell 21 percent to 68,693. FCMB dominated trading, accounting for 80.17 percent of total volume and 57.98 percent of total value with 2.94 billion shares worth N35.88 billion exchanged.
The rebound follows a loss recorded on Tuesday and reflects renewed investor appetite in select sectors, though the negative market breadth indicates a mixed sentiment across the bourse. The sharp increase in trading volume suggests heightened activity, even as deal count declined, possibly indicating larger block transactions.
This recovery supports the NGX’s positive YTD performance, underscoring the market’s resilience amid broader economic conditions. Analysts will watch for sustained momentum in upcoming sessions to determine if this marks a sustained upward trajectory or a short-term fluctuation.
