Investors in the Nigerian stock market had a sigh of relief on Thursday as the Nigerian Exchange Limited (NGX) bounced back from its recent losses, closing positively with a gain of N140 billion in market capitalization.
The market’s resilience was evident as the benchmark index closed at 66,570.19 points, a 0.13% gain after suffering a setback the previous day when it shed N158 billion.
This swift turnaround was driven by renewed interest in banking, consumer goods, and industrial goods stocks, buoyed by the listing of the Nigerian Industrial Development Fund (NIDF).
The NIDF, a N200 billion public infrastructure investment fund, made its debut on the NGX and contributed significantly to the market’s capitalization by adding about N92 billion.
Notable gainers included Wema Bank (+9.93%), Thomas Wyatt (+9.74%), Regency Alliance Insurance (+8.82%), Daar Communications (+8.70%), and Royal Exchange (+8.70%).
As attention remains focused on the ongoing third-quarter earnings reporting season and the anticipated reconvening of the Monetary Policy Committee meeting by the Central Bank of Nigeria, the market sentiment appears cautiously optimistic.
Sectoral performance was largely bullish, with gains in Banking (0.44%), Consumer Goods (0.30%), and Industrial Goods (0.03%), while the Insurance sector dipped slightly (-0.06%) and the Oil & Gas index remained stable.
Trading activities recorded a significant uptick, with a 54.27% increase in total volume and a 2.95% rise in total value.
The top trader by volume was Neimeth, with 657.09 million units valued at N985.65 million, exchanged in 10 deals.
