Nigeria’s Stock Market Experiences Modest Rebound of 0.02% After Losses
Nigeria’s stock market rebounded by 0.02% on Wednesday, with market capitalization increasing by N11 billion to N67.179 trillion. The All-Share Index rose by 17 points to 107,798.99. Significant gains were seen in stocks like UH Real Estate Investment Trust and Africa Prudential. Overall trading volume decreased compared to the previous day, reflecting cautious investor sentiment.
On Wednesday, Nigeria’s stock market experienced a modest recovery, marking a 0.02% gain after a series of losses. The market capitalization of the Nigeria Exchange Ltd. (NGX) increased by N11 billion, resulting in a total of N67.179 trillion. The All-Share Index also rose by 17 points, closing at 107,798.99, a slight improvement from Tuesday’s close of 107,781.79. Consequently, the Year-To-Date (YTD) return now stands at 4.73%.
In terms of individual stock performances, UH Real Estate Investment Trust topped the gainers chart with an impressive increase of 9.94%, settling at N44.25 per share. Africa Prudential was a close second, rising by 9.90% to reach N33.30 per share. Additional gainers included Caverton Offshore Support Group, which rose by 9.87%, and Lasaco Assurance, which saw a 6.92% increase, closing at N2.45 and N3.09 per share, respectively.
The trading session saw a total of 245,516,922 shares exchanged, valued at N8.414 billion across 10,098 deals. This was a decrease in volume compared to the preceding day, where 363,516,922 shares worth N10.118 billion were traded through 13,753 deals. Access Holdings led trading volume with 36.55 million shares, followed by Zenith Bank at 26.79 million shares and Sterling Financial Holdings at 11.25 million shares.
Looking ahead, stakeholders in the agriculture and finance sectors were urged to explore financing strategies to bolster agroecology practices in the West African region. Additionally, various social and political issues continue to shape the discussions in Nigeria, including a court ruling dissolving a 10-year marriage due to continuous conflict between the spouses.
Overall, the recent developments in Nigeria’s stock market showcase a slight recovery, supported by notable gains among individual stocks. This trend offers a glimmer of hope for investors seeking stability amidst previous market difficulties.
In summary, Nigeria’s stock market noted a slight recovery with a 0.02% increase in market capitalization and the All-Share Index after a challenging period. Notable gainers such as UH Real Estate Investment Trust and Africa Prudential indicate optimism in specific sectors. However, trading volume decreased from the previous day, suggesting a cautious approach among investors. Overall, this rebound, while modest, reflects a potential stabilization in Nigeria’s financial market.
Original Source: gazettengr.com
