Nigerian Equities Rebound, Adding N648 Billion in Value
The Nigerian stock market recovered on Thursday, regaining N648 billion in market capitalization after two consecutive days of losses. The positive turnaround was driven by significant buying interest in several mid-cap stocks.
The Nigerian Exchange Limited (NGX) All-Share Index rose by 1,010.22 points, or 0.52 per cent, to close at 196,908.76 from its previous 195,898.54. This pushed the overall market capitalization from N125.750 trillion to N126.398 trillion. Consequently, the year-to-date return for the index improved to 26.54 per cent.
Market breadth was neutral, with an equal number of 30 stocks advancing and 30 declining. The session’s gains were concentrated among several notable performers. FTN Cocoa Processors led the pack with a 10 per cent increase, closing at N6.27 per share. It was followed closely by Fidson Healthcare Plc, which rose 9.97 per cent to N105.35, and Deap Capital Management, up 9.89 per cent to N7.00.
Other significant gainers included Caverton Offshore Support Group, advancing 9.40 per cent to N6.40, and Livestock Feeds Plc, which rose 9.30 per cent to N7.05.
On the downside, Eterna Plc and Omatek Ventures each slumped by 10 per cent to close at N42.30 and N2.52 per share, respectively. SCOA Nigeria declined by 9.94 per cent to N22.65, while Fortis Global Insurance Limited lost 9.24 per cent to close at N1.08. Sovereign Trust Insurance also faded by 9.09 per cent to N2.10 per share.
Trading activity, however, weakened compared to the previous session. Total volume traded fell by 18.01 per cent to 549.78 million shares, with transactions valued at N44.74 billion across 55,465 deals. Fortis Global Insurance was the most traded stock by volume, exchanging 32.18 million shares. Dangote Cement dominated by value, accounting for N20.67 billion worth of trades, which represented 46.21 per cent of the day’s total turnover.
The rebound signals renewed, albeit selective, investor appetite following prior profit-taking. The sustained year-to-date gain of over 26 per cent underscores the market’s strong performance this year, though the narrow market breadth and mixed performance among leaders suggest a cautious sentiment persists among investors.
