Nigerian Exchange Rebounds with N166bn Gain, Led by Key Banking and Tech Stocks

The Nigerian Exchange Limited bounced back on Tuesday as investors gained N166 billion after a brief stint in the red earlier in the week.

The market’s resilience was marked by a 0.43% rise in both market capitalization and the All-Share Index to close at N38.989 trillion and 71,250.17, respectively.

The resurgence was spearheaded by robust performances in the stocks of AccessCorp, United Bank for Africa, Zenith Bank Plc, FBNHoldings, and MTN Nigeria, showcasing the influential role of key banking and technology sectors in shaping market dynamics.

The day’s trading saw a significant uptick in transaction volume, surging by 20.93% to 433.57 million, valued at over N11.11 billion.

This indicated a robust 56.53% increase in trade value compared to the previous day. A total of 122 stocks were active in 7,016 deals, underlining the depth of market engagement.

Noteworthy gainers contributing to the positive trend included Secure Electronic Technology Plc, Multiverse, Sunu Assurance, FBNH, and Thomas Wyatt, posting gains of 10.00%, 9.95%, and 9.92%, respectively.

On the flip side, Abbey Mortgage Bank Plc led the decliners with a 9.88% depreciation.

The day’s market dynamics were notably influenced by key value drivers.

The Nigeria Infrastructure Debt Fund, managed by Chapel Hill Denham, made waves as it announced a special distribution to unit holders, contributing to its active trading volume of 20,517,592 units valued at N2.22 billion.

Airtel Africa, MTN Nigeria, UBA, and UAC Nigeria also played pivotal roles, contributing significantly to the total volume traded for the day.

This robust rebound underscores the dynamic nature of the Nigerian stock market, reflecting the interplay of various sectors in shaping its trajectory.