The Nigerian stock market staged a rebound on Wednesday as investors pocketed N310 billion in profits, with the Nigerian Exchange (NGX) All-Share Index climbing by 0.35 percent.
This rally, driven by bargain hunting in several bellwether stocks, saw the market capitalisation rise from N89.555 trillion to N89.865 trillion. The NGX index gained 489.45 points, closing at 142,036.23 compared to 141,546.78 the previous day.
Top-performing equities included Chellaram, Austin Laz, The Initiates, Sovereign Trust Insurance, and Aradel Holdings, which recorded strong gains during the session. Chellaram surged by 9.77 percent to N14.60 per share, while Austin Laz advanced by 9.67 percent to close at N2.95. Aradel Holdings also appreciated by 6.97 percent to N583.
Despite the overall positive sentiment, the market breadth remained negative, with 32 losers against 28 gainers. Guinea Insurance led the laggards, shedding 9.70 percent to close at N1.49, while Cornerstone Insurance declined by 8.68 percent to N6.52.
Market activity showed mixed results. Although the number of deals declined, both the value and volume of transactions improved significantly. A total of one billion shares worth N24.7 billion exchanged hands in 23,281 transactions, compared to 414.9 million shares valued at N12.95 billion traded the previous day.
Abbey Mortgage Bank dominated activity with 401.1 million shares valued at N2.7 billion, followed by Fidelity Bank, which recorded 254.8 million shares worth N5.3 billion. United Bank for Africa, FirstHoldCo, and Access Corporation also featured prominently in trading activity.
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