The Nigerian Exchange rebounded on Thursday with market capitalisation soaring to N55.709 trillion.
This increase was propelled by gains in key stocks, particularly Unilever Nigeria and MTN Nigeria Communications, which led the charge.
The All Share Index (ASI) advanced by 1.05% to close at 98,118.30 points, up from the previous day’s 97,098.98 points.
This increase in the ASI has elevated the year-to-date gain to 32.09%, the month-to-date gain to 0.38%, and the week-to-date gain to 0.41%.
The day’s trading volume reached 791.78 million shares across 9,059 deals, valued at N15.126 billion.
Unilever Nigeria and MTN Nigeria Communications were standout performers, each seeing a 10% rise in their share prices.
Unilever closed at N18.70, while MTN Nigeria finished at N198. These gains, along with a 10% increase in Vitafoam Nigeria’s stock to N19.25, were pivotal in driving the overall market recovery.
The surge in market capitalisation reflects a broad-based rally, with 33 equities gaining ground compared to 19 that declined.
This positive market breadth indicates renewed investor confidence and a rebound from recent volatility.
Notably, Access Holdings emerged as the top trader by volume with 116 million shares, followed by Guaranty Trust Holding with 110 million shares and Abbey Mortgage Bank with 50.7 million shares.
Despite a 5% decline in the volume of stocks traded, turnover increased by 8%, suggesting heightened trading activity in terms of value.
The market’s recovery follows a period of declines, including a N97 billion gain on Wednesday, driven by strong performances from stocks such as Red Star Express, Oando, and RT Briscoe.
This recent upturn aligns with global trends, where markets have rebounded after earlier declines in major indices like the Dow and S&P 500.
As investors continue to respond positively to strong performances from key stocks, the outlook for the Nigerian Exchange appears promising.
The sustained gains in market capitalisation and index performance underscore a period of resilience and potential growth for Nigeria’s equity market.
With the Nigerian Exchange now firmly positioned at N55.709 trillion in market capitalisation, attention will be on whether this upward momentum can be sustained in the coming weeks.
The performance of leading stocks like Unilever and MTN will be closely watched as indicators of broader market trends and investor sentiment.
Overall, the latest gains signify a hopeful turn in the Nigerian financial markets, offering a positive outlook amid a backdrop of global and local economic dynamics.
