The Nigerian Exchange Limited (NGX) rebounded on Thursday, recovering from two consecutive sessions of losses as investors added approximately N648 billion to the market’s overall value.
Data from the bourse showed that total market capitalization rose by 0.52 percent, increasing from N125.750 trillion to N126.398 trillion. Correspondingly, the NGX All-Share Index gained 1,010.22 points, or 0.52 percent, to close at 196,908.76, up from 195,898.54. This positive session improved the year-to-date return to 26.54 percent, highlighting strong performance so far in 2024.
Market breadth ended the day neutrally, with an equal number of gainers and decliners—30 each—reflecting balanced investor sentiment. Among the top performers, FTN Cocoa Processors led with a 10 percent share price increase, closing at N6.27. Fidson Healthcare, Deap Capital Management, Caverton Offshore Support Group, and Livestock Feeds also featured prominently on the gainers’ list.
On the downside, Eterna and Omatek Ventures each declined by 10 percent, ending at N42.30 and N2.52 per share, respectively.
Trading activity, however, saw a reduction compared to the previous session. Total volume traded fell by 18.01 percent to 549.78 million shares, exchanged across 55,465 deals with a combined value of N44.74 billion.
Fortis Global Insurance was the most actively traded stock by volume, with 32.18 million shares changing hands. Dangote Cement dominated by value, accounting for N20.67 billion in trades—representing 46.21 percent of the session’s total turnover and underscoring its significant influence on market activity.
The recovery follows a midweek dip and demonstrates the market’s volatility amid fluctuating economic signals. The rebound lifts the year-to-date return to over 26 percent, a notable figure that may attract continued attention from both local and international investors monitoring Nigeria’s equities performance.
The session’s neutral market breadth, coupled with high-value trading in blue-chip stocks like Dangote Cement, suggests selective investor interest despite the overall volume decline. Moving forward, market participants will likely watch for sustained momentum in key sectors and any shifts in trading patterns that could indicate broader economic trends.
