The Nigerian Exchange (NGX) staged a modest rebound on Thursday, with investors returning to selected heavyweight stocks and pushing the market’s total capitalisation up by N238.37bn. The recovery was largely driven by strong performances in the energy, real estate and other key sectors, sending market capitalisation from N158.91tn to N159.15tn at the close of trading.
The NGX All-Share Index also moved higher, gaining 369.05 points, or 0.15 per cent, to close at 246,388.22 points, compared with 246,019.17 points recorded in the previous session. Leading the charge was Seplat Energy Plc, whose share price jumped by 10 per cent from N12,320.55 to N13,552.60. UPDC Real Estate Investment Trust followed with a 9.88 per cent gain to N13.90, while Learn Africa Plc rose 9.49 per cent to N8.65.
Other stocks that attracted buying interest included Regency Alliance Insurance, which gained 4.76 per cent to close at N0.88, while Jaiz Bank advanced 4.22 per cent to N8.65. Coronation Insurance also added 4.18 per cent to finish at N2.49. However, the market rally was not broad-based, as R. T. Briscoe Nigeria led the decliners with a 10 per cent drop to N9.90, followed by Critical Minerals Financing, Sovereign Trust Insurance, Abbey Mortgage Bank and NASCON Allied Industries.
Sector performance reflected the mixed mood among investors. The NGX Oil and Gas Index emerged as the strongest performer, climbing 2.22 per cent to 5,594.51 points, supported by demand for Seplat Energy and Eterna Plc. The Premium Board Index also gained 1.13 per cent, while the Banking Index fell 0.27 per cent and the Insurance Index declined by 2 per cent amid selling pressure in selected stocks.
Trading activity remained strong, with 433.97 million shares exchanged in 42,217 deals. United Bank for Africa recorded the highest volume, with 113.26 million shares traded in 1,107 deals, followed by Guaranty Trust Holding Company with 34.25 million shares and Access Holdings with 24.88 million shares. Meanwhile, the Central Bank of Nigeria retained its Monetary Policy Rate at 26.50 per cent, leaving investors to weigh the impact of high interest rates against renewed opportunities in the equities market.
