Business and Economy

Nigerian stock market gains 0.99% (N401.63 billion) on Thursday

The Nigerian stock market experienced a strong rebound today, recovering from the losses incurred during Wednesday’s trading session. The NGX All Share Index saw a significant surge of 0.99%, closing at 74,502.58 points. This positive movement was largely driven by the performance of key players in the telecommunications and banking sectors.

As a result of this strong recovery, the year-to-date return for the stock market increased to 45.37%. Furthermore, the market capitalization gained ₦401.63bn, closing at ₦40.77trn.

MTNN, a major telecommunications company, saw a notable increase of 4.58% in its stock price. Additionally, ZENITHBANK and STANBIC, two prominent banks, contributed to the overall positive performance of the broader index with gains of 0.53% and 8.20% respectively. These gains helped offset the losses experienced by GTCO, UBA, and ACCESSCORP, which saw declines of 0.50%, 1.57%, and 0.22% respectively.

In terms of market activities, there was a decrease in trade turnover compared to Thursday’s figures with the value of transactions down by 56.20%. A total of 384.58m shares, valued at ₦5.67bn, were exchanged in 8,336 deals. JAIZBANK led the volume chart with 49.40m units traded, while ZENITHBANK led the value chart with deals worth ₦1.06bn.

Among the top gainers on the leader’s table was IKEJAHOTEL, which saw a significant increase of 10.00%. On the other hand, UACN led the laggard’s log with a decline of 10.00%.

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