Nigeria Stock Market Rebounds on Thursday with Significant Gains

On Thursday, the Nigerian stock market rebounded with a 0.23 percent increase in equity market indicators, primarily due to the rise in medium- and large-cap stocks. Market capitalization rose by N215 billion to N66.868 trillion, while the All-Share Index increased by 344 points. Significant gains were seen in Transnational Corporation, SCOA Nigeria, and Africa Prudential, among others, while a few stocks faced losses.

The Nigerian stock market witnessed a rebound on Thursday, with equity market indicators increasing by 0.23 percent due to significant price appreciation in select medium- and large-cap stocks. Specifically, the Nigerian Exchange Limited (NGX) market capitalization rose by N215 billion, reaching N66.868 trillion, up from N66.653 trillion the previous day. Additionally, the All-Share Index climbed by 0.32 percent, equating to an increase of 344 points, closing at 106,780.72 compared to 106,436.48 in the prior session.

The upward momentum was attributed to notable price hikes in stocks including Transnational Corporation, Guinness, and Dangote Sugar. The market breadth presented a positive outlook, with 36 stocks gaining while 15 declined. Transnational Corporation led the gainers, soaring by 9.98 percent to close at N51.80 per share, followed closely by SCOA Nigeria at a 9.88 percent increase, closing at N3.78 per share. Other significant gains included Africa Prudential with a rise of 9.87 percent, closing at N30.60, and Tantalizers, which gained 9.52 percent to end at N2.37 per share.

Caverton Offshore Support Group also made substantial gains of 9.09 percent, closing at 36k per share. In contrast, the losers’ table was led by Sunu Assurance, MRS Nigeria Ltd., and Red Star Express, all declining by 10 percent to close at N4.77, N166.50, and N5.94 per share, respectively. Lasaco Assurance and UPDC Real Estate Investment Trust suffered losses, closing at N2.65 and N2.62 per share, reflecting declines of 7.99 percent and 6.76 percent, respectively.

Trading activity was robust, with a total of 375.73 million shares exchanging hands, valued at N10.185 billion across 11,447 transactions, slightly lower than the previous day’s figures, which recorded 389.57 million shares valued at N11.309 billion. Guaranty Trust Holding Company led the trading activity with 49.9 million shares worth N2.91 billion, followed by Access Corporation with transactions worth N1.03 billion from 43.8 million shares. Zenith Bank recorded 36.5 million shares valued at N1.72 billion, while Fidelity Bank sold 2.71 million shares worth N469 million, and United Bank for Africa transacted 1.94 million shares valued at N705 million.

In summary, the Nigerian stock market demonstrated a positive pivot on Thursday, driven primarily by significant gains in medium- and large-cap stocks. The market’s recovery was reflected in the increases of key indices and active trading participation across several companies. The trading dynamics indicate investor confidence, which is crucial for sustaining market momentum. This performance marks a noteworthy recovery amidst previous fluctuations, showcasing the market’s resilience.

Original Source: www.premiumtimesng.com