The Nigerian stock market rebounded on Thursday, gaining 0.35 percent and adding N310 billion to investors’ wealth.
Data from the Nigerian Exchange showed that market capitalisation, which opened at N89.555 trillion, rose to N89.865 trillion. The All-Share Index climbed by 489.45 points to settle at 142,036.23 compared to 141,546.78 recorded previously.
The positive momentum was driven by bargain hunting in stocks such as Chellaram, Austin Laz, The Initiates, Sovereign Trust Insurance, and Aradel Holdings. Chellaram led gainers with a 9.77 percent rise to N14.60 per share, followed by Austin Laz with 9.67 percent at N2.95. The Initiates advanced 8.08 percent to N12.97, while Sovereign Trust Insurance rose 7.37 percent to N3.06. Aradel Holdings gained 6.97 percent to close at N583.
Despite the overall upturn, market breadth closed negative with 32 decliners against 28 advancers. Guinea Insurance topped the losers’ chart, dropping 9.70 percent to N1.49. Cornerstone Insurance shed 8.68 percent to N6.52, while Legend Internet and Deap Capital Management fell 7.27 percent and 7.06 percent, closing at N5.10 and N1.58 respectively. Thomas Wyatt Nigeria also declined 6.49 percent to N2.45.
Market activity revealed a sharp decline in the number of deals, but with stronger value and volume. A total of one billion shares worth N24.7 billion were traded across 23,281 deals, compared to 414.9 million shares valued at N12.95 billion in 25,386 deals on Tuesday.
Abbey Mortgage Bank led activity with 401.1 million shares worth N2.7 billion. Fidelity Bank followed, trading 254.8 million shares at N5.3 billion. United Bank for Africa exchanged 23.2 million shares worth N1.1 billion, FirstHoldCo recorded 22.5 million shares valued at N699.6 million, while Access Corporation traded 17.5 million shares at N473.9 million.
