Equities Market Sees N279bn Gain as Investors Drive Rebound
The Nigerian Exchange reversed previous losses on Thursday, closing the trading session with a gain of N279bn in market capitalisation as investors returned to the equities market.
At the close of trading, the market capitalisation of listed equities rose to N89.4tn from the N89.1tn recorded in the previous session. The Index advanced by 432.94 points, or 0.31 per cent, to close at 141,149.04 points.
The performance lifted the market to a positive close after days of mixed sentiment, with analysts attributing the rebound to renewed bargain-hunting in large- and mid-cap stocks, particularly in the banking and oil and gas sectors.
Market data showed that a total of 781.7m shares valued at N19.5bn were traded in 20,382 deals, reflecting a 77 per cent improvement in volume, a 15 per cent increase in turnover, but a six per cent decline in the number of deals compared with the previous day’s trading.
In terms of price movement, MeCure Industries led the gainers’ chart with a 9.89 per cent appreciation to close at N26.10 per share, followed by Oando, which rose 9.5 per cent to end at N49.00 per share. McNichols gained 9.31 per cent to close at N3.64, while Chams rose 9.24 per cent to finish at N3.43 per share.
On the losers’ side, Eterna recorded the highest decline, shedding 10 per cent to close at N27.90 per share. Sovereign Trust Insurance dipped 4.84 per cent to N2.95, The Initiates lost 3.84 per cent to N12.02, while Caverton Offshore Support Group dropped 3.76 per cent to N6.40 per share.
Consolidated Hallmark Holdings emerged as the most actively traded stock with 333.2m units worth N1.25bn, followed by Sterling Bank, which exchanged 104.9m shares valued at N771.8m. Zenith Bank recorded 45.5m shares worth N3.14bn, while Fidelity Bank traded 26.1m units valued at N535.3m.
In terms of value, MTN Nigeria led with N5.01bn in transactions from 12.1m shares, followed by Zenith Bank at N3.14bn, Presco with N2.44bn, Consolidated Hallmark Holdings with N1.25bn, and UBA with N924.7m.
Sectoral performance was largely positive. The Banking Index rose 1.02 per cent, while the NGX Oil and Gas Index gained 0.74 per cent. The Consumer Goods Index appreciated 0.31 per cent, and the Pension Index advanced 0.37 per cent.
Overall, the market has posted a year-to-date return of 37.14 per cent despite recording a one-week loss of 0.78 per cent.
Analysts noted that the renewed buying interest suggests investors are positioning ahead of expected third-quarter earnings reports while also taking advantage of price corrections in key stocks.