Nigerian Stocks Rebound as Investors Add N3.2tn in Market Rally

|By Babatunji Wusu

The Nigerian stock market rebounded sharply on a bullish run, with investors adding N3.205 trillion to their portfolios after the previous session’s downturn.

Market capitalisation rose to N147.174 trillion, up from N143.969 trillion, representing a 2.23 per cent increase.

The benchmark All-Share Index also gained 4,977.51 points, or 2.23 per cent, to close at 228,579.80, compared with 223,602.29 in the previous session. This pushed the year-to-date return to 46.89 per cent growth.

Despite the rally, market breadth closed negative, with 42 losers compared to 39 gainers.

On the gainers’ table, Lafarge Africa Plc (WAPCO), Industrial and Medical Gases, and FTN Cocoa Processors Plc each advanced by 10 per cent, closing at N324.50, N39.60, and N5.50 per share respectively.

Austin Laz & Company Plc (Austinlaz) rose by 9.71 per cent to N3.73, while Presco Plc gained 9.52 per cent to close at N2,300 per share.

On the losers’ side, United Bank for Africa Plc (UBA) led declines, dropping 10 per cent to close at N44.55. Trans-Nationwide Express Plc followed with a 9.99 per cent fall to N6.40.

NASCON Allied Industries Plc shed 9.18 per cent to close at N187.90, while Jaiz Bank Plc declined by 8.98 per cent to N8.01. Berger Paints Nigeria Plc also fell by 8.66 per cent, ending the session at N68 per share.

Market activity showed increased trading value and volume but fewer deals, as investors exchanged 907.96 million shares worth N68.23 billion in 72,886 transactions.

This compares with the previous session, where 678.2 million shares valued at N44.14 billion were traded across 82,838 deals.

Access Holdings Plc led the volume chart with 219.5 million shares worth N5.78 billion, while Nestlé Nigeria Plc topped the value chart with trades worth N15.27 billion.