Emmanuel Ochayi
Nigeria’s equity market bounced back from its previous decline as strong investor interest in key stocks drove growth on Wednesday. The market rose by 0.57%, adding N364 billion to its total value.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from 103,958.75 points to 104,549.74 points, while the equities market capitalization grew from N64.156 trillion to N64.520 trillion.
Join our WhatsApp Channel“This increase shows a positive outlook for the equity market,” said a market analyst. “We have seen strong interest in stocks like Aradel Holdings and Stanbic IBTC, which contributed significantly to today’s gains.”
Key Gainers Drive Market Performance
Aradel Holdings led the gainers’ chart, rising from N540 to N594, an increase of N54 or 10%. Chellaram followed closely, moving from N4.91 to N5.40, adding 49 kobo or 9.98%.
Stanbic IBTC also performed well, climbing from N65 to N71.45, gaining N6.45 or 9.92%. University Press increased from N4.67 to N5.12, a rise of 45 kobo or 9.64%.
An investment expert commented, “These stocks have shown resilience, and their performance has played a crucial role in today’s positive movement in the equity market.”
Active Trading in Banking and Insurance Stocks
Investors showed high trading activity in stocks from the banking and insurance sectors. Universal Insurance, Fidelity Bank, FCMB Group, Japaul Gold, and Veritas Kapital recorded strong volumes.
READ ALSO: Nigeria’s Equity Market Records N284bn Loss As Key Stocks Dip
In total, 421,617,585 shares worth N14.997 billion were exchanged in 16,256 deals.
“The trading volume today highlights strong market participation,” said a stockbroker. “Investors are confident in the equity market, and this is reflected in the high number of deals executed.”
Market Performance for the Week
The equity market has recorded a 0.92% increase so far this week. The year-to-date (YTD) return remains positive at +1.58%.
A financial analyst noted, “The equity market is on an upward trend, and investors are taking advantage of opportunities in the stock market.”
Market experts believe the trend may continue if investor confidence remains strong.
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.
