Nigerian Exchange rebounds with N378bn gain after four-day losing streak

|By Adejumo Adekunle-

-Investors renew confidence as 62 stocks rally
-Royal Exchange tops activity chart with 218.7 million shares traded

The Nigerian Exchange Limited (NGX) bounced back strongly on Wednesday, recording a market gain of N378 billion after four straight sessions of losses. The recovery was powered by renewed investor interest in 62 stocks, signaling a fresh wave of optimism in the capital market.

Market capitalisation surged by 0.5 percent, closing at N76.179 trillion, up from N75.801 trillion on Tuesday. Similarly, the All-Share Index (ASI) advanced by 598.67 points, or 0.5 percent, to settle at 120,339.90 compared to the previous day’s 119,741.23.

The trading session closed with a positive market breadth as 61 stocks recorded gains, while 16 declined.

On the gainers’ chart, C&I Leasing led with a 10 percent rise to close at N5.06 per share. Cutix matched the same percentage gain, closing at N3.96. Ellah Lakes also soared by 10 percent to N9.24, while International Energy Insurance climbed to N1.98 per share, also recording a 10 percent increase. Omatek Ventures added 10 percent to settle at 88k per share.

However, the session wasn’t entirely bullish. Deap Capital lost 9.09 percent to close at N1.00. John Holt declined by 5.41 percent to N7.00. Dangote Sugar, which recently announced the retirement of its chairman, Aliko Dangote, dropped by 5.32 percent, ending at N44.50. Universal Insurance slipped by 4.76 percent to 60k, and Oando shed 4.73 percent, finishing at N52.35 per share.

Trading activity also saw a notable uptick. NGX data showed that 1.05 billion shares valued at N12.17 billion were exchanged in 21,964 deals — a significant increase from Tuesday’s 527.1 million shares worth N11.28 billion traded across 21,546 transactions.

Royal Exchange dominated the activity chart, with 218.7 million shares valued at N229.11 million. Other active stocks included Ja Paul Gold, Ellah Lakes, Wema Bank, and CHAMS.

The sharp rebound and surge in trading volume suggest growing investor confidence, possibly buoyed by strategic repositioning and bargain hunting in undervalued equities.