The Nigerian Exchange Limited witnessed a bullish resurgence, closing in the green zone on Thursday and earning investors N313 billion.
The All-Share Index rebounded by 0.70%, closing at 82,597.08, as market capitalization reached N45.198 trillion, contributing to a year-to-date return of 10.46%.
Positive sentiments flooded the market after its first depreciation on Wednesday, with 48 gainers against 22 losers.
READ ALSO: NGX: Market Sees Bearish Turn In 2024 As ASI Plunges By 1.4%
“Investors strategically positioned themselves to take advantage of the market dip from the previous day,” noted market analysts. Notable gainers included Guinea Insurance, Royal Exchange, Julius Berger, Cadbury Plc, and The Initiates Plc, with stocks appreciating by 10%, 10%, 9.92%, 9.77%, and 9.74%, respectively.
However, a few stocks, including Abbey BDS, Ikeja Hotel, Caverton, Daar Communication, and NPFMCRBK, experienced declines ranging from 7.91% to 9.90%.
Trading activity levels dropped noticeably with a 46.55% decrease in traded volume (877.28 million units) and a 43.20% decrease in total traded value (N14.41 billion). Nonetheless, total deals increased by 26.23%, reaching 14,919 trades.
Sector-wise, positive investor sentiment prevailed, with the banking index leading gainers with a 2.73% increase. The Insurance and Consumer goods indexes also saw gains of 0.51% and 0.39%, respectively, attributed to buying interest in key players like Guinea Insurance, Sunu Assurance, Prestige Assurance Plc, Cadbury, and Champion.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
