The Nigerian Exchange Ltd. (NGX) experienced a strong rebound on Wednesday, recording a substantial gain of ₦507 billion after the previous day’s losses. This positive market shift bolstered investors’ portfolios significantly.
The market capitalisation, which opened at ₦63.051 trillion, climbed by ₦507 billion or 0.80%, closing the day at ₦63.559 trillion. Simultaneously, the All-Share Index (ASI) advanced by 0.80% or 832 points, settling at 104,230.73 compared to the 103,398.82 reported on Tuesday. As a result, the Year-To-Date (YTD) return marginally improved to 0.127%.
Key Drivers of the Market Surge
The bullish momentum was fueled by increased buying interest in major stocks, including:
- MTN Nigeria
- FBN Holdings
- Transnational Corporation
- Dangote Sugar
- Nigerian Breweries
Mixed Market Breadth Despite Gains
Despite the notable gains, market breadth remained slightly negative, with 28 stocks declining while 27 advanced.
Top Losers:
- Sunu Assurances: Declined by ₦1 to close at ₦9.01
- Universal Insurance: Dropped 7k to close at 71k
- Secure Electronic Technology: Fell 6k to 68k
- Consolidated Hallmark Plc: Shed 21k, closing at ₦3.40
Top Gainers:
- Transnational Corporation: Gained ₦20 to close at ₦49.50
- MTN Nigeria: Added ₦220, closing at ₦220
- Honeywell Flour: Rose by 75k, closing at ₦8.29
- AIICO Insurance: Increased by 17k, closing at ₦1.88
- Living Trust: Up 43k, closing at ₦4.81
Trading Activity Decline
Market activity slowed compared to the previous session, with a 31.99% drop in turnover. A total of 756.42 million shares valued at ₦24.69 billion were exchanged in 13,551 deals, compared to 1.11 billion shares worth ₦14.64 billion traded in 16,617 deals during the previous session.
Top Trade Activity:
- Volume Leader: FBN Holdings (125.71 million shares)
- Value Leader: Geregu Power (₦11.39 billion worth of transactions)
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