Emmanuel OchayiThe stock market in Nigeria showed resilience on Thursday, reversing two days of losses as investors moved to buy consumer goods, insurance, and oil & gas stocks. Despite fragile market sentiment and earlier concerns of continued declines, the Nigerian Exchange Limited (NGX) ended on a positive note, recording a gain of N82 billion.
The NGX All-Share Index (ASI) increased by 130.56 points, representing a 0.12% rise. This brought the index up from 106,090.38 points to 106,220.62 points, while the market capitalisation moved from N66.436 trillion to N66.518 trillion.
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Several stocks played a key role in the stock market rebound. UPDC led the gainers’ chart, rising by 9.92%, moving from N2.52 to N2.77. International Breweries also saw an increase of 9.62%, climbing from N5.20 to N5.70.
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Mining company Multiverse Mining and Exploration recorded an 8.81% gain, rising from N7.95 to N8.65. NGX Group shares also increased by 6.14%, moving from N30.95 to N32.85.
Investors Trade Over 341 Million Shares
Thursday’s trading session saw a surge in activity as investors exchanged 341,708,437 shares across 11,233 deals. The total value of these transactions amounted to N16.654 billion, reflecting strong market participation.
Several stocks attracted significant investor interest, with Tantalizers, Access Holdings, Zenith Bank, GTCO, and Universal Insurance among the most actively traded. Their high trading volumes indicate sustained investor confidence in these companies despite recent market fluctuations.
Mixed Sentiment in Banking Stocks
While gains were recorded in consumer goods, insurance, and oil & gas stocks, the banking sector experienced some pressure. Banking stocks faced selling pressure, limiting the overall growth of the stock market. However, the positive performance of other sectors helped sustain the overall market increase.
What Next for the Stock Market?
Analysts believe the stock market may continue to experience mixed performance due to investor caution. The absence of major positive news could lead to fluctuations in market sentiment. However, the strong interest in consumer goods, insurance, and oil & gas stocks suggests potential stability in these sectors.
Market watchers will be monitoring further movements closely, particularly in banking stocks, which have shown some weakness in recent sessions.
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.
