Stocks Market Rebounds, ASI up 0.32% as Investors Gain N214bn
Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo
The Nigerian Exchange (NGX) witnessed a rebound as the All-Share Index (ASI) rose by 0.32 per cent to close at 106,780.72 points, signalling renewed investor confidence. Market capitalisation followed suit, increasing to N66.87 trillion.
Despite the gains, market volume declined by 3.55 per cent, while total transaction value dropped sharply by 9.94 per cent, reflecting cautious sentiment among investors.
However, the number of trades inched up by 0.21 per cent, suggesting steady market participation. Market breadth stood at 2.20, indicating improving sentiment as more stocks recorded gains than losses.
Guaranty Trust Holding Company Plc (GTCO) led trading activity, emerging as the most traded stock by both volume and value, with 49.95 million shares worth N2.91 billion exchanging hands. The stock gained 0.85 per cent to close at N59.00.
Meanwhile, the NASD OTC market also experienced an uptrend, as the NSI rose by 0.44 per cent to 3,352.9 points. Market capitalisation similarly increased by 0.44 per cent, reaching N1.90 trillion.
Trading volume in the NASD OTC market surged significantly, soaring by 3,307.45 per cent to 2,246,733 units. The total value of trades skyrocketed by 34,597.52 per cent to N79.44 million, while the number of transactions increased by 236.36 per cent to 37 deals.
SDNEWREST led the gainers, appreciating by 10.00 per cent from N31.38 to N34.52, while SDFSTTRUSTMB recorded the highest decline, shedding 9.62 per cent from N0.52 to N0.47.
Market analysts anticipate continued cautious optimism as investors weigh economic indicators and corporate performance in the coming sessions.
About The Author
