Emmanuel OchayiThe All-Share Index surged by 0.99% to hit a historic high of 74,502.58 points, marking an upturn. Market capitalization also saw a notable climb, closing at N40.769 trillion, up from yesterday’s figures.
The Nigerian stock market rebounded on Thursday, showcasing resilience after recent losses.
“Today’s gains signify a positive turn for the market, highlighting investors’ renewed confidence,” stated an industry analyst.
Leading the charge were heavyweight stocks MTN Nigeria and Dangote Cement, boasting gains of 4.58% and 2.20%, respectively. These contributed to the market’s upward trajectory, propelling equities by N402 billion.
However, market turnover witnessed a decline, with total volume traded at 384.576 million units and a traded value of N5.67 billion, down from yesterday’s figures of 432.91 million units and N16.59 billion.
“Despite the overall positive sentiment, reduced turnover signals caution among traders,” remarked an investment strategist.
In the world of top gainers, stocks like Ikeja Hotel (+10.00%), Multiverse (+9.96%), and Jberger (+9.94%) emerged as standout performers, displaying double-digit growth.
Conversely, UACN (-10.00%), JohnHolt (-9.73%), and DeapCap (-9.37%) were among the top losers, experiencing declines.
“Today’s trade reveals a mixed performance among stocks, with certain sectors faring better than others,” noted a market analyst.
In terms of volume, Jaiz Bank led with 49.40 million units, while Zenith Bank dominated in traded value at N1.055 billion. Additionally, the performance of stocks valued over N1 trillion showcased a varied picture, with MTN, Dangote Cement, and Zenith Bank seeing gains, while GTCO faced a decline.
The sentiment was mixed for tier-1 banks, as Access Bank, UBA, FBN Holdings, and GTCO witnessed price declines, while Zenith Bank recorded a gain.l
“Despite the market’s volatility, certain sectors exhibit resilience, promising an interesting trajectory in the coming sessions,” concluded a financial expert.
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