Stock market rebounds, gains N306bn

The Nigerian stock market bounced back on Thursday, recovering from previous losses and adding N306 billion to investors’ portfolios.

Specifially, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N58.969 trillion, rose by 0.50 per cent to close at N59.275 trillion.

Similiarly, the All-Share Index gained 487.24 points, or 0.50 per cent, to settle at 97,783.81 compared to Wednesday’s 97,296.57.

This rally pushed the Year-To-Date (YTD) return up to 30.77 per cent.

The market’s recovery was driven by investor interest in Zenith Bank, United Bank for Africa (UBA), Access Corporation, Aradel, Oando Plc, and Dangote Sugar, among other stocks.

However, the market breadth remained negative with 30 losers against 28 gainers.

On the losers table, Prestige led by 10 per cent to close at 81k per share, while Vitafoam led the gainers’ table by 9.81 per cent to close at N23.50 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 5.11 per cent.

A total of 632.74 million shares valued at N10.81 billion were exchanged in 8,404 deals,compard with 822.46 million shares valued at N10.29 billion traded in 9,385 deals, posted previously.

Meanwhile, FBN Holdings led the volume and value charts with 166.76 million shares worth N4.18 bilion.