Nigerian stock market rebounds with 1.63% gain on Wednesday
| Following the Central Bank of Nigeria’s (CBN) press release yesterday affirming the strength of the banking sector, the Nigerian stock market witnessed a strong rebound as investor confidence was reignited. The bullish sentiment was driven primarily by notable gains in tier-1 banking stocks such as ZENITH (+5.32%), ACCESSCORP (+4.49%), and GTCO (+4.43%), which offset declines in LEGENDINT (-9.66%), CAVERTON (-4.66%), and FIDSON (-3.59%). Consequently, the NGX All-Share Index (ASI) and market capitalisation rose by 1.63% to close at 116,786.87 points and N73.68trn, respectively. This upward momentum brings the year-to-date return of the market to a robust 13.47%.Trading activity closed on a mixed note, as total volume declined by 18.70% to 640.08m units. However, total value transacted rose marginally by 1.34% to N26.01bn, underscoring continued interest in select large-cap stocks. ZENITHBANK (+5.32%) led the activity charts for the second consecutive session, leading both the volume and value tables with 149.93m shares traded at a value of N7.25bn.Market breadth took a positive stance at 1.23:1, as gainers outnumbered losers. NEM (+10.00%) topped the gainers’ chart, while ETERNA (-10.00%) led the laggards. NASD SummaryToday, the NASD Securities Index (NSI) and market capitalisation shed gains from previous session with 0.72% to close at 3,335.4 points and N1.95trn respectively.Despite the bearish sentiment, trading activity witnessed an increase. Volume traded surged by 31.26% to 839,331 units, while the value of transactions increased by 104.13% to N48.08m. Consequently, the total number of trades increased by 74.29% to 62 deals.Read Full Report |
