Nigerian Exchange Rebounds as Investors Gain N101bn Despite Access Holdings’ Decline

Despite the tragic loss of Access Holdings’ Group Chief Executive Officer, Herbert Wigwe, the Nigerian Exchange on Monday bounced back from last week’s negative trading to gain N101 billion in market value.

The All-Share Index and market capitalization both rose by 0.18 percent to close at 102,042.32 points and N55.836 trillion, respectively.

While Access Holdings posted 6.26 percent after closing at N23.20 per unit, other market movers such as Transcorp Plc and Zenith Bank Plc contributed to the positive momentum.

Trading activity saw 242.43 million equities exchanged, a slight decrease from the previous day, with a total value of N5.12 billion in 8,715 deals.

Market breadth, a measure of investor sentiment, turned positive with 33 equities recording gains while 23 suffered losses.

Chams Holdings, NCR, and Royal Exchange led the gainers’ chart, each gaining 10 percent in value.

Conversely, John Holt, PZ Cussons, and May&Baker led the losers’ table with share price declines of 9.88 percent, 9.87 percent, and 9.80 percent, respectively.

Sectoral performance remained relatively positive as three out of five sub-indices closed in the green zone.

NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indexes gained 2.30 percent, 0.60 percent, and 0.15 percent, respectively.

However, the Banking and Industrial Goods sectors experienced marginal losses of 0.88 percent and 0.07 percent, respectively.

Despite the challenges faced by Access Holdings, VeritasKap, and Guaranty Trust Holding Company Plc emerged as major drivers of the market’s volume and value, indicating robust activity within specific sectors.

The Nigerian Exchange’s rebound underscores investor confidence and highlights the market’s ability to weather challenges while continuing to deliver gains for stakeholders amidst adversity.