The Nigerian Exchange Limited (NGX) experienced a positive turnaround on Thursday, with investors gaining approximately N313 billion. This bullish resurgence followed the market’s first depreciation in market capitalization on Wednesday.
The All-Share Index rebounded by 0.70%, signaling renewed investor interest and closing at 82,597.08 points. The market capitalization also appreciated by the same percentage, reaching N45.198 trillion. This contributed to a year-to-date return of 10.46%.
Thursday’s trading session saw 48 gainers against 22 losers, reflecting a shift in investor sentiment. Several stocks garnered positive attention during the rebound, including Guinea Insurance, Royal Exchange, Julius Berger, Cadbury Plc, and The Initiates Plc. These stocks appreciated by 10%, 10%, 9.92%, 9.77%, and 9.74%, respectively. They closed at N0.44, N0.99, N56.50, N21.90, and N1.69 per unit as investors strategically positioned themselves to capitalize on the previous day’s market dip.
However, some stocks experienced declines, with Abbey BDS, Ikeja Hotel, Caverton, Daar Communication, and NPFMCRBK witnessing drops of 9.90%, 9.90%, 9.66%, 9.38%, and 7.91%, respectively.
While trading activity levels decreased, with a 46.55% drop in traded volume (877.28 million units) and a 43.20% decrease in total traded value (N14.41 billion), total deals increased by 26.23%, reaching 14,919 trades.
Sector-wise, positive investor sentiment prevailed, particularly in the banking sector, which led gainers with a 2.73% increase. Positive movements in the prices of United Bank for Africa, FBN Holding, Fidelity Bank, and Sterling Financial Holding Company Plc contributed to this growth. The Insurance and Consumer Goods indexes also recorded gains of 0.51% and 0.39%, respectively, driven by buying interest in Guinea Insurance, Sunu Assurance, Prestige Assurance Plc, Cadbury, and Champion.
