Nigerian stock market Analysis: All-Share index rebounds by 48 basis points
After experiencing losses in the previous week, Nigerian stock market Analysis shows stocks rebounded with a week-on-week increase of 0.87% on Friday August 9th. This recovery was primarily fueled by significant gains in major companies such as MTNN, which rose by 5.16%, ZENITHBANK, which increased by 7.92%, and FBNH, which saw a rise of 9.76%. These gains outweighed the selling pressure observed in blue-chip stocks like BUACEMENT, which declined by 9.99%, TRANSCOHOT, which fell by 0.03%, and NESTLE, which decreased by 1.81%. As a result, the year-to-date return improved by 113 basis points week-on-week, and the market capitalization increased by ₦480.83 billion, closing at ₦55.98 trillion.
During August 9th’s trading session, the All-Share index of the Nigerian stock market rose by 48 basis points, reaching 98,592.12 points. The decline in GTCO, which fell by 0.22%, and PRESCO, which dropped by 5.17%, was mitigated by increased demand for MTNN, which gained 0.91%, ZENITHBANK, which rose by 2.24%, and FBNH, which increased by 0.67%. Consequently, the market capitalization saw a gain of ₦270.21 million today.
The Nigerian stock market Analysis of August 9th’s market activities indicated a decrease in trade turnover compared to the previous session, with transaction values declining by 46.00%. A total of 477.44 million shares, valued at ₦8.17 billion, were traded across 9,529 transactions. VERISTASKAP led in volume with 103.24 million shares traded, while OANDO topped the value chart with transactions amounting to ₦2.13 billion.
The market breadth concluded positively, with a ratio of 2-to-1, as advancing stocks outnumbered those that declined. JBERGER led the gainers with a 10.00% increase, while UNIONDICON topped the laggards with a decline of 9.88%.
Overall, the Nigerian stock market Analysis shows that the week was nearly flawless across various sectors, with the NGX Banking Index leading the gains at 5.14% week-on-week, followed by the NGX Pension Index at 3.48%, the NGX Consumer Goods Index at 2.35%, the NGX Insurance Index at 1.79%, the NGX Oil and Gas Index at 0.97
