On Thursday, the Nigerian stock market exhibited a positive trend, buoyed by investors’ optimistic outlook, particularly favouring low and medium-cap stocks with robust fundamentals. The domestic bourse rebounded as the All-Share Index increased by 0.07 per cent, closing at 71,052.85 basis points. Consequently, Month-to-Date and Year-to-Date returns stood at +2.6 per cent and +38.6 per cent, respectively.
Regarding market movers, the demand for Zenith Bank, Guaranty Trust Holding Company, and Oando was substantial, contributing to the market’s positive performance. These bellwethers experienced share value appreciation by 0.30 per cent, 1.96 per cent, and 2.13 per cent, respectively. The market capitalization of listed equities also saw a 0.07 per cent increase, settling at N39.07 trillion, with investors collectively gaining N26.87 billion.
As measured by the number of advancing and declining stocks, market breadth favoured the positive sentiment, with 34 tickers gaining compared to 19 losers. Beta Glass and Multiverse recorded the most significant gains of the day, appreciating in share value by 10.0 percent each. In contrast, Ellah Lakes and Omatek Industries topped the losers’ list, with their respective share prices decreasing by 9.9 per cent and 9.2 percent.
Across sectors, a positive sentiment prevailed, with three out of the five tracked sectors closing in the green. The Insurance, Banking, and Industrial indexes posted notable advancements, rising by 1.27 percent, 0.03 percent, and 0.04 percent, respectively. On the flip side, the Consumer Goods index closed slightly negative by 0.05 percent, influenced by sell sentiment in the sector, while the Oil & Gas index traded subdued.
Trading activity on the NGX showed an uptick in the traded volume by 31.57 percent, totaling 563.71 million units. However, the total deals and value for the day experienced declines of 1.47 percent and 53.32 percent, amounting to 6,579 deals and N3.44 billion, respectively. Universal Insurance emerged as the most traded security in terms of volume, with 164.30 million units worth N41.98 million, while Zenith Bank led in terms of value, totaling N694.2 million.
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