Nigeria’s equities market rebounded on Wednesday as gained N165 billion in value amid renewed optimism and strategic re-entry into undervalued stocks.
The recent downturn which plagued the market earlier in the week saw investors holding back amidst uncertainties surrounding fixed-income securities’ interest rates.
However, Wednesday’s rebound reflected a shift in sentiment as investors identified opportunities for lucrative returns in value stocks.
Key players such as BUA Cement and FBN Holdings spearheaded the market’s upward trajectory with notable gains observed across various sectors.
BUA Cement surged by 4.93% from N142.95 to N150 per share while FBN Holdings gained by 9.96% from N26.10 to N28.70 per share.
Despite these gains, Okomu Oil Palm experienced a decline with its share price dropping from N270 to N243, representing a 10% decrease.
The market’s positive performance defied earlier projections of a prolonged bearish trend. Analysts had anticipated a continuation of the subdued market activity due to prevailing uncertainties in the fixed-income segment.
Wednesday’s trading session saw increased activity, with investors exchanging 302,739,517 shares valued at N6.552 billion across 8,611 deals.
Active trading was observed in stocks such as FBN Holdings, Japaul Gold, Transcorp, Veritas, and GTCO.
The surge in the equities market reflects investors’ resilience and their confidence in the long-term prospects of Nigeria’s economy.
It also underscores the dynamic nature of the market, where strategic investments and timely interventions can yield substantial gains even in challenging times.
