Bullish momentum returned to the stock market on Thursday, resulting in a substantial gain of N902 billion. This positive shift followed two consecutive bearish sessions influenced by profit-taking activities.
Similar trends were observed in international markets, including NASDAQ, Dow Jones Industrial Average, and S&P 500. Stocks on these platforms experienced their worst day of 2024 on Wednesday after the Federal Reserve’s decision to maintain interest rates.
The domestic bourse, represented by the All-Share Index and market capitalization, recorded a 1.63% increase, closing at 102,802.25 points and N56.26 trillion, respectively. The year-to-date return for the market improved to 37.48%.
Market sentiment was positive, with 53 gainers and 19 losers. Notable gainers included Caverton (10%), Chams (10%), Guaranty Trust Holding Company Plc (10%), VeritasKap, and Nascon Allied Industries (9.98%). On the downside, DEAPCAP (-9.88%), Computer Warehouse Group (-9.87%), and RT BRISCOE (-9.86%) experienced downward repricing.
Across sectors, there were broad-based gains, with the banking sector leading with a 7.82% increase. Notable banks like Zenith Bank, Access Holdings, UBA, GTCO, and Fidelity drove the positive performance. The Consumer Goods sector followed suit with a substantial increase of 4.37%, mainly propelled by Dangote Sugar, Honeywell Flour Mill, Cadbury, and BUA Foods.
Other sectors, including Insurance, Oil/Gas, and Industrial, posted gains of 2.18%, 0.02%, and 0.35%, respectively.
Despite the positive market performance, the total number of deals and their value declined by 10.06% and 45.96% to 12,851 trades and N12.16 billion, respectively. However, the total traded volume for the day increased by 14.93% to 861.01 million units.
Universal Insurance emerged as the most traded security in terms of volume, with 113.76 million units changing hands in 110 deals. Zenith Bank led in traded value at N2.76 billion at the close of the trading session.
