Equities Market Rebounds as NGX Gains N220bn

The Nigerian equities market closed yesterday on a positive note as gains recorded in several medium and large-cap stocks lifted overall market performance.

Data from the Nigerian Exchange Limited (NGX) Daily Official List showed that market capitalisation rose to N126.32 trillion, up from N126.10 trillion recorded previous trading day, representing an increase of about N220 billion.

Similarly, the All-Share Index (ASI) advanced to 196,807.15 points, compared with 196,463.22 points recorded in the previous session.

During the trading session, the market recorded a highest index point of 196,807.15, while the lowest index stood at 192,826.78, with an average index of 195,646.67.

Market breadth closed mixed as 33 stocks emerged gainers, while 39 equities recorded losses.

Among the gainers, Eterna Plc topped the chart after its share price increased by 10 per cent, rising from N35.00 to N38.50 per share. NPF Microfinance Bank also appreciated by 10 per cent, climbing from N6.50 to N7.15, while Premier Paints gained 9.92 per cent, advancing from N12.10 to N13.30.

Custodian Investment followed with a 9.71 per cent gain to close at N76.80, while FTN Cocoa Processors rose by 9.68 per cent to close at N1.36. Other notable gainers included Nigerian Industrial Development Bank (NIDF), Ellah Lakes, Chemical and Allied Products (CAP), Honeywell Call, and OmaTek Ventures.

Major blue-chip stocks also recorded modest gains. Nestlé Nigeria gained N150 to close at N3,250, while Stanbic IBTC Holdings rose to N133.00 and Zenith Bank advanced to N93.10.

On the losers’ chart, Tripple Gee & Company recorded the highest decline, shedding 9.94 per cent to close at N4.26 from N4.73. Multiverse Mining followed with a 9.91 per cent drop to N20.45, while Jaiz Bank fell by 7.41 per cent to close at N10.00.

Other decliners included Honeywell Flour Mills, Dangote Sugar Refinery, FTN Cocoa, Cutix, and May & Baker Nigeria. Additional losses were recorded in NEM Insurance, Oando, Computer Warehouse Group (CWG) and Mansard Insurance.

Performance across sectoral indices was largely mixed. The NGX Main Board Index rose to 8,869.89 points, while the NGX 30 Index climbed to 7,129.14 points. Similarly, the NGX Premium Index advanced to 22,075.12 points, and the NGX Banking Index increased slightly to 1,898.85 points.

However, some sectoral indicators recorded marginal declines, reflecting profit-taking activities in selected equities. Overall, the market maintained a positive sentiment driven by renewed investor interest in selected stocks across the consumer goods, banking and industrial sectors.