The Nigerian equities market recorded a strong rebound on Thursday, as gains in several medium- and large-cap stocks boosted overall market performance. Data from the Nigerian Exchange Limited (NGX) Daily Official List showed that market capitalization rose to N126.32 trillion, up from N126.10 trillion the previous day, representing a significant N220 billion increase. The All-Share Index (ASI) also climbed to 196,807.15 points from 196,463.22 points, reflecting renewed investor confidence.
Market activity during the session was lively, with the index hitting a high of 196,807.15 and a low of 192,826.78, while the average index stood at 195,646.67 points. Market breadth ended mixed, with 33 stocks advancing and 39 declining, showing selective buying across sectors. Analysts noted that investor interest focused particularly on stocks in the consumer goods, banking, and industrial segments.
Among the top gainers, Eterna Plc led with a 10% surge to N38.50 per share, followed by NPF Microfinance Bank which also rose 10% to N7.15. Premier Paints gained nearly 10%, closing at N13.30. Other notable gainers included Custodian Investment, FTN Cocoa Processors, Nigerian Industrial Development Bank, Ellah Lakes, Chemical and Allied Products (CAP), Honeywell Call, and OmaTek Ventures, reflecting broad-based buying sentiment.
Blue-chip stocks also posted modest gains, with Nestlé Nigeria rising to N3,250, Stanbic IBTC Holdings climbing to N133.00, and Zenith Bank advancing to N93.10. On the flip side, some stocks experienced declines, including Tripple Gee & Company (-9.94%), Multiverse Mining (-9.91%), and Jaiz Bank (-7.41%), alongside other losers such as Honeywell Flour Mills, Dangote Sugar Refinery, and Oando, signaling targeted profit-taking by investors.
Sectoral performance was largely mixed. The NGX Main Board Index, NGX 30 Index, NGX Premium Index, and NGX Banking Index all posted gains, while a few sectors recorded marginal losses. Analysts attributed the positive overall sentiment to renewed confidence among investors in selected equities, indicating a cautious yet optimistic outlook for the Nigerian equities market as it navigates both market opportunities and profit-taking pressures.
source: Leadership