Equity Market Rebounds as Investors Gain N315bn
The Nigerian Stock Exchange witnessed a significant rebound at the close of Tuesday’s trading session, with a remarkable N315bn gain in market capitalisation.
The market closed at N68.4tn, driven largely by key players such as Oando, Chellarams, and Transcorp, all of which posted impressive gains.
Recall, the NGX opened the trading week on a negative note on Monday as investors lost N297bn in market value at the close of trading.
With the Tuesday’s rebound, Oando led the charge among the top gainers, with a 10 per cent increase in its share price, closing at N49.50 per share. Chellarams followed closely with a 10 per cent rise, while Transcorp Nigeria saw a 9.99 per cent increase in its stock price, closing at N46.25 per share. Beta Glass Company rounded out the top gainers with a 9.96 per cent increase in share price, closing at N194.30.
On the losing side, Haldane McCall saw the biggest drop, shedding 9.85 per cent, ending at N4.21 per share. Academy Press lost 7.33 per cent, followed by UPDC with a 6.25 per cent drop and Associated Bus Company, which saw a 6.13 per cent decrease.
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A total of 498,480,437 shares were traded in 14,916 deals, with a market value of N10,781,943,704.62. Compared to the previous trading session, Tuesday’s volume saw a 20 per cent increase, although the number of deals declined by 10 per cent.
The market performance was also reflected in the NGX indices. The NGX All-Share Index gained 502.08 points, which is 0.46 per cent, closing at 108,763.55. This marked a one-week gain of 0.37 per cent, a four-week gain of 3.79 per cent, and a year-to-date gain of 5.67 per cent.
Other indices that recorded positive growth include the Top 30 Index, which gained 0.52 per cent, representing a one-week growth of 0.41 per cent and a year-to-date increase of 5.44 per cent.
The Consumer Goods Index increased by 1.7 per cent, with a one-week rise of 1.84 per cent and a year-to-date increase of 25.96 per cent. The Pension Index rose by 0.97 per cent, with a one-week growth of 2.07 per cent and a year-to-date increase of 14.37 per cent.
Meanwhile, Tantalizers topped the volume traded list, with 57.8 million shares changing hands, followed by Access Holdings with 36.8 million shares, Guaranty Trust Holding with 31.8 million shares, and Fidelity Bank with 23.4 million shares.
