Nigerian Stock Market Bounces Back, Gains N313bn

The Nigerian Exchange Limited closed on a positive note on Thursday, with investors gaining approximately N313bn.

The All-Share Index rebounded by 0.70%, closing at 82,597.08, while the market capitalisation, appreciating by the same percentage, reached N45.198tn. This resurgence contributed to a year-to-date return of 10.46%.

The market recorded 48 gainers against 22 losers, with notable stocks such as Guinea Insurance, Royal Exchange, Julius Berger, Cadbury Plc, and The Initiates Plc experiencing significant appreciation. These stocks rose by 10%, 10%, 9.92%, 9.77%, and 9.74%, respectively, as investors strategically positioned themselves to seize opportunities arising from the previous day’s market dip.

However, a few stocks lagged, with Abbey BDS, Ikeja Hotel, Caverton, Daar Communication, and NPFMCRBK witnessing declines of 9.90%, 9.90%, 9.66%, 9.38%, and 7.91%, respectively.

Source: Business Day