Equities Rebound as Bulls Drive N82bn Market Gain

Samuel Mobolaji

The Nigerian equities market rebounded yesterday, snapping a two-day losing streak as renewed investor confidence pushed the market up by N82 billion.

Gains in Nigerian Exchange Group Plc and 35 other stocks lifted the broader market, reversing earlier bearish sentiment.

The All-Share Index (ASI) advanced by 130.24 points, representing a 0.12 per cent increase, to close at 106,220.62 points. Consequently, market capitalisation rose to N66.518 trillion, reflecting the fresh gains.

The positive performance was driven by price appreciation in medium and large-cap stocks, including Nigerian Exchange Group, Nigerian Breweries, Multiverse Mining & Exploration, Nigerian Aviation Handling Company (NAHCO), and International Breweries.

Despite the bullish close, analysts at Afrinvest Limited maintained a cautious outlook, stating, “We expect a bearish outing in the absence of any positive market catalyst.”

Market sentiment, as measured by market breadth, remained positive, with 36 stocks advancing against 20 decliners. UPDC led the gainers’ chart with a 9.92 per cent increase to close at N2.77 per share. International Breweries followed with a 9.62 per cent rise to N5.70, while Royal Exchange gained 9.59 per cent to close at 80 kobo per share. Multiverse Mining & Exploration climbed 8.81 per cent to N8.65, while Nigerian Exchange Group rose 6.14 per cent to N32.85 per share.

Conversely, University Press topped the losers’ chart with a 10 per cent decline, closing at N4.32 per share. Academy Press dropped 9.66 per cent to N2.62, while Red Star Express lost 9.32 per cent to close at N5.35 per share. NEIMETH International Pharmaceuticals fell by 8.33 per cent to N2.75, while C&I Leasing declined by 4.75 per cent to close at N3.81 per share.

Trading activity weakened as total volume traded plummeted by 77.2 per cent to 341.708 million shares, valued at N16.655 billion, in 11,233 deals.

Tantalizers led the activity chart with 29.621 million shares traded, worth N98.007 million. Access Holdings followed with 29.165 million shares valued at N693.280 million, while Zenith Bank recorded 28.733 million shares worth N1.378 billion. Guaranty Trust Holding Company (GTCO) exchanged 26.685 million shares valued at N1.625 billion, while Universal Insurance transacted 20.949 million shares worth N12.161 million.