Nigerian Equity Market Recovers with N369bn Gain, Boosting Investor Confidence

The Nigerian equity market experienced a strong rebound on Monday, gaining N369 billion as the All-Share Index rose by 0.56%, closing at 105,551.39 points. This gain reversed the losses from the previous week and helped restore investor confidence, with the market capitalization reaching N66.2 trillion. Despite the positive movement on Monday, the market recorded a one-week loss of 0.23% and a four-week decline of 2.38%, though it showed an overall year-to-date gain of 2.55%.

A total of 127 equities participated in trading on Monday, with 25 stocks posting gains and 22 experiencing losses. Leading the gainers was Royal Exchange, which saw a 10% increase, closing at N0.88 per share. Other notable gainers included Livestock Feeds, Abbey Mortgage Bank, and Universal Insurance. On the flip side, Africa Prudential led the decliners, falling by 53.64% to N15.30 per share, with NEM Insurance, United Capital, and Computer Warehouse Group also suffering losses.

Market activity saw significant improvement, with 440.5 million shares worth N10.47 billion traded across 13,314 deals. This represented an 11% rise in trading volume, a 16% increase in turnover, and a 32% growth in the number of deals when compared to the previous session. Zenith Bank, FCMB Group, United Bank for Africa, and Access Holdings were among the top traded stocks by volume, highlighting a surge in trading interest.

Although the broader market showed signs of recovery, other indices had mixed performances. The Top 30 Index rose by 0.61%, while the Banking Index experienced a notable 3.78% increase. The Pension Index and Premium Index also showed positive movement, rising by 1.68% and 0.89%, respectively. However, the Oil and Gas Index saw only a slight uptick of 0.39%. The previous week’s losses, including a N532 billion drop, lingered in investor sentiment, despite Monday’s recovery.

source: punch