Emmanuel OchayiThe Nigerian Exchange’s All-Share Index rose by 0.05% after a protracted period of negative trade, providing investors with a gain of N26 billion.
This outcome will provide relief to investors who have been experiencing losses lately.
According to analysts, “The recent bearish trend was a result of sell-offs and waning interest in the market, despite the release of corporate earnings and the announced fresh banking sector recapitalization exercise.”
On the other hand, the All-Share index increased by 48 basis points to settle at 98,169.30 points, indicating that the market is beginning to recover.
Furthermore, the Nigerian Exchange market capitalization rose to N55.52 trillion, a 0.05% rise. The top performers of the day were Transcorp Hotels, Livestock, Tantalizer Plc, Sunu Assurance, and WAPIC, with share price increases of 9.75%, 9.42%, 9.38%, 7.44%, and 6.15%, respectively.
Despite the overall rise, the exchange recorded more losers (24) than gainers (16), suggesting tame trading activity. A total of N6.52 billion, 297.20 million units, and 7,417 trades were made. Deals by value, volume, and total fell by 24.90%, 31.95%, and 6.20%, respectively.
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The insurance index rose by 0.88%, reflecting a mixed sectors performance, while the banking and consumer goods indices decreased by 1.10% and 0.05%, respectively. The oil and gas and industrial goods indexes remained unchanged.
In terms of volume and number of transactions, Zenith Bank was the most traded security with 577 deals totaling 48.49 million units swapped for N1.77 billion.
In the hopes of a sustained upward trend, investors are nevertheless being cautious in the face of market fluctuations. “We are monitoring the situation closely, and we hope that this slight increase is a sign of better things to come,” said an analyst.
