The Nigerian stock market experienced a rebound on Tuesday, gaining N94 billion in profit, which positively impacted investors’ portfolios. This upswing was driven by investor interest in 37 equities, including Red Star Express, NPF Microfinance Bank, Deap Capital Management, Morison, and NCR, pushing the broader index into positive territory.
The Nigerian Exchange Ltd. (NGX) market capitalization increased by 0.09 percent, translating to a N94 billion gain, to close at N106.436 trillion, up from N106.342 trillion on Monday. Similarly, the All-Share Index rose by 0.09 percent, or 144.33 points, to close at 166,256.83 points, compared to 166,112.50 points recorded the previous day.
The market breadth was positive, with 40 gainers outpacing 25 losers. Red Star Express, Deap Capital Management, and NPF Microfinance Bank led the gainers, each rising by 10 percent to close at N15.95, N5.39, and N4.73 per share, respectively. NCR Nigeria and Morison Industries also saw significant gains, increasing by 9.97 percent each to finish at N155.50 and N6.84 per share, respectively.
On the other hand, Aluminium Extrusion Industries led the decliners, dropping by 9.95 percent to settle at N17.20. Jaiz Bank and FTN Cocoa Processors also recorded significant declines, falling by 9.88 percent and 8.44 percent, respectively.
A total of 795.5 million shares valued at N19.98 billion were traded in 45,410 deals, representing a 26 percent increase in volume and a 35 percent growth in value, but a 22 percent decline in deals, compared to the previous day’s transactions.
Tantalizer recorded the highest volume, with 86.96 million shares traded, accounting for 10.93 percent of the total volume. GTCO had the highest value traded, at N3.79 billion, representing 18.98 percent of the total value traded for the day.
This rebound in the Nigerian stock market indicates a positive trend, driven by investor interest in various equities. As the market continues to evolve, it is essential to monitor its performance and identify opportunities for growth and investment. The Nigerian Exchange Ltd. will likely remain a key player in the country’s economy, providing a platform for companies to raise capital and for investors to participate in the growth of the Nigerian economy.
