Bulls resurface at NGX as equities investors earn N1.2trn

The Nigerian equities market rebounded strongly at Wednesday’s close, with the All-Share Index (ASI) rising by 1.63 percent to 116,786.87 basis points.
This rally, driven partly by the lifting of Thomas Wyatt’s suspension, added N1.18 trillion to market capitalization, which now stands at N73.68 trillion, signaling renewed investor confidence.

The domestic equities market also recovered from its earlier losses this week, as gains in MTN Nigeria Communications, Seplat Energy, Aradel Holdings, and Transcorp Power pushed the ASI higher by 1.63 percent to 116,786.87 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns settled higher at +4.5 percent and +13.5 percent, respectively.
As measured by market breadth, market sentiment was positive, with 36 gainers compared to 30 losers.

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Top performers included NEM Insurance, Beta Glass, Seplat Energy, Thomas Wyatt, and Linkage Assurance, whose share prices appreciated by 10.00 percent, 9.99 percent, 9.78 percent, 9.73 percent, and 9.56 percent, respectively. Meanwhile, Eterna and NSL Tech led the laggards, with their share prices dipping by 10.00 percent and 9.68 percent, respectively.

Sector performance was broadly upbeat, as the Oil & Gas, Banking, Insurance, Commodities, and Industrial Goods sectors posted gains of 7.49 percent, 3.25 percent, 2.02 percent, 5.63 percent, and 0.09 percent, respectively. However, the Consumer Goods sector dipped marginally by 0.16 percent.

Despite the positive sentiment, trading activity was mixed—volume and number of deals declined by 11.32 percent and 10.74 percent, respectively, even as the total value traded rose by 18.18 percent to N26.01 billion across 19,727 deals involving 640.08 million shares.

Zenith Bank was the most traded stock by both volume and value, with 149.92 million units and N7.21 billion exchanged, respectively.

NIGERIAN TRIBUNE