Nigerian Stocks Bounce Back, Pushing Year-to-Date Return Above 40%

The Nigerian stock market clawed back some ground on Monday, with the All-Share Index (ASI) edging up 0.02% to settle at 72,389.23. This slight gain followed a flat performance on Friday and lifted the year-to-date return to a robust 41.27%.

Despite the overall upward trend, the market witnessed a mixed performance, with 18 stocks gaining while 31 declined. Leading the charge were United Bank for Africa (UBA), WAPCO, and Fidelity Bank, which helped push the market capitalization up by N9 billion to N39.621 trillion.

Infinity Trust Mortgage Bank emerged as the day’s biggest gainer in percentage terms, surging 9.93% to close at N3.10 per share. Johnholt followed suit with a 9.87% increase to N2.45, while Transcorp Hotel and SCOA Nigeria Plc also posted notable gains.

On the flip side, ABC Transport suffered the most significant loss, dropping 9.98% to close at 82k per share. E-Tranzact and RTbriscoe also declined sharply, while Sovereign Trust Insurance and The Initiative Plc rounded out the top five losers.

Trading activity was subdued compared to the previous session, with the value of transactions falling by 33.03%. However, over 324 million shares worth N4.4 billion were exchanged across 6,745 deals, suggesting continued investor interest in the market.

This upward trend offers a promising outlook for the Nigerian stock market, particularly with the year-to-date return exceeding 40%.

NAN