Business and Economy

Nigerian stock market recovers and gain 1.63% on Thursday

Following a recovery from the previous session’s losses, the Nigerian stock market experienced gains as the benchmark index increased by 1.63% to reach a closing point of 102,802.25. The market saw renewed interest in Tier-1 banks such as ZENITHBANK (+9.97%) and GTCO (+10.00%), as well as BUAFOODS (+4.86%), which helped offset losses in MTNN (-2.14%), CHAMPION (-1.42%), and CWG (-9.87%).

As a result, the market remained in positive territory, indicating the potential for another week of gains. The year-to-date return also rose to 37.48%, and the market capitalization increased by ₦901.78bn to close at ₦56.26trn.

Today’s analysis of market activities revealed a decrease in trade turnover compared to the previous session, with the value of transactions declining by 45.96%. A total of 861.01m shares, valued at ₦12.16bn, were exchanged in 12,851 deals. UNIVINSURE (-7.69%) led the volume chart with 113.76m units traded, while ZENITHBANK (+9.97%) topped the value chart with deals worth ₦2.76bn.

The market breadth ended on a positive note, with advancing issues outnumbering declining ones at a ratio of 3.25-to-1. GTCO (+10.00%) emerged as the top performer among 51 others on the leader’s table, while DEAPCAP (-9.88%) led 15 others on the laggard’s log.

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