Nigerian Stock Market Bounces Back as Investors Gain N74bn on Renewed Buying Interest

|By Babatunji Wusu

The Nigerian stock market staged a modest recovery on Friday, with investors posting a cumulative gain of N74 billion following losses recorded in the previous trading session.

Data from the Nigerian Exchange Limited showed that market capitalization inched up by 0.07 percent to close at N105.959 trillion, from N105.885 trillion at Thursday’s close. The All-Share Index also advanced by 114.81 points, representing a 0.07 percent increase, to settle at 165,512.18, compared with 165,397.37 recorded in the prior session.

The rebound was driven by renewed buying interest in select equities, notably Morison, Union Homes Real Estate Investment Trust, SCOA, RT Briscoe, and Austinlaz, which attracted investor attention during the session.

Despite the overall market uptick, trading sentiment remained mixed as market breadth closed negative. A total of 40 stocks declined, outweighing the 34 equities that recorded gains.

Neimeth International Pharmaceutical topped the losers’ chart after its share price slid by 9.86 percent to close at N13.25. Secure Electronic Technology followed with a 9.35 percent drop to 97 kobo, while Eterna shed 8.23 percent to close at N28.45 per share. University Press declined by 6.25 percent to N6, and Eunisell Interlinked fell by 5.84 percent to close at N153.95 per share.

On the gainers’ side, Union Homes Real Estate Investment Trust and Morison led the rally, each appreciating by 9.94 percent to close at N71.35 and N7.52 per share, respectively.

Market activity slowed during the session, as key trading indicators weakened. Total volume traded fell to 731.7 million shares valued at N19.05 billion in 44,005 deals, compared with 768.3 million shares worth N21.2 billion exchanged in 46,481 transactions on Thursday.

CHAMS emerged as the most traded stock by volume, with 76.86 million shares changing hands, accounting for 10.51 percent of total volume. Zenith Bank dominated value turnover, recording trades worth N3.47 billion, representing 18.20 percent of the day’s total market value.