Investors Gain N411bn As Buying Interest Returns To NGX

Investors in the Nigerian stock market gained N411 billion in market value yesterday as renewed buying interest lifted equities, reversing losses recorded in the previous trading session.

The market capitalisation of listed equities rose by N411 billion to close at N159.668 trillion, while the Nigerian Exchange Limited (NGX) All-Share Index appreciated by 0.26 per cent to settle at 245,911.13 points.

The positive performance strengthened the market’s year-to-date return to 58.03 per cent, reflecting sustained gains in equities despite intermittent profit-taking and mixed trading activity.

The rebound was driven by price appreciation in large- and medium-capitalised stocks, including HBM Nigeria, NASCON Allied Industries, Unilever Nigeria, Custodian Investment and ABC Transport.

Market sentiment also improved, with 27 stocks recording price gains against 21 decliners, indicating a positive balance of trading activity during the session.

Analysts at Cowry Assets Management Limited said sustained bargain-hunting could support further market gains in the near term, although intermittent profit-taking could limit the pace of the rally.

On the gainers’ chart, Austin Laz and Company led with a 9.97 per cent appreciation to close at N3.53 per share. ABC Transport followed with a 9.92 per cent gain to close at N6.65, while Cutix rose by 9.91 per cent to N2.33 per share.

Thomas Wyatt Nigeria appreciated by 9.77 per cent to close at N2.92, while Caverton Offshore Support Group advanced by 9.76 per cent to close at N4.50 per share.

Conversely, Livestock Feeds led the losers’ chart, shedding 9.76 per cent to close at N17.10 per share. Guinea Insurance declined by 7.78 per cent to 83 kobo, while NPF Microfinance Bank fell by 5.75 per cent to close at N4.10 per share.

Mutual Benefits Assurance lost 4.69 per cent to close at N3.05, while AIICO Insurance declined by 3.06 per cent to N3.80 per share.

Despite the market’s positive performance, trading activity remained mixed, as the total volume of shares traded fell by 0.19 per cent to 348.751 million shares.

The shares were exchanged in 32,639 deals, with a total value of N25.877 billion.

United Bank for Africa (UBA) led trading by volume, with 48.141 million shares valued at N2.118 billion. FCMB Group followed with 30.115 million shares worth N328.314 million, while Zenith Bank recorded 21.009 million shares valued at N2.594 billion.

Guaranty Trust Holding Company (GTCO) traded 16.065 million shares worth N1.970 billion, while Dangote Sugar Refinery recorded a turnover of 9.272 million shares valued at N619.031 million.