Emmanuel Ochayi
The Nigerian equity market staged a remarkable recovery on Friday, gaining ₦497 billion in market capitalisation after two consecutive losses. Investors welcomed the rebound as share prices of key stocks surged, boosting market sentiment.
“We are seeing the market bounce back strongly today. The gains recorded in Guinness, Chellaram, and SCOA significantly contributed to this recovery,” said Tayo Ogunleye, a financial analyst.
Join our WhatsApp ChannelThe equity capitalisation rose to ₦63.6 trillion from ₦63.1 trillion recorded on Thursday. Similarly, the benchmark All-Share Index (ASI) climbed to 103,598.30 points, a clear improvement from the previous 102,788.20 points.
Top Gainers in the Equity Market
Several stocks stood out during the trading session, leading the charge in the equity market rebound. Guinness, Chellaram, and SCOA gained 10% each, closing at ₦77.00, ₦4.07, and ₦3.96, respectively.
A trader, Nkechi Obiora, expressed optimism: “The performance of these stocks today has reassured investors. It’s a good sign that the equity market remains resilient despite recent setbacks.”
On the other hand, Neimeth, John Holt, and INTENEGINS recorded losses, shedding 9.88%, 9.71%, and 9.74% to close at ₦3.10, ₦8.30, and ₦1.76, respectively.
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Equity Market Trading Volume and Value
The equity market saw significant trading activity, with NSL TECH leading on the volume index. The company traded 202 million shares in 77 deals. Nigerian Breweries followed with 42 million shares exchanged in 206 deals, while JAPAUL GOLD recorded 34 million shares traded in 308 deals.
“Nigerian Breweries consistently attracts attention due to its strong performance,” remarked Lanre Adewale, an investment banker. “The volume of trades today highlights investor confidence in the equity market’s future.”
On the value index, Nigerian Breweries topped the chart with ₦42 million worth of shares traded. Access Corp followed with equities worth ₦32 million changing hands across 673 deals. ARADEL, another notable performer, recorded trades worth ₦1 million in 238 deals.
Positive Market Breadth for the Market
The market breadth was positive, with 34 stocks advancing and 23 declining. Sixty-eight stocks remained unchanged.
According to Obiora, “The equity market breadth reflects a healthy level of investor participation today. We hope to see sustained growth in the coming weeks.”
Financial experts predict that the equity market will remain volatile but resilient in the short term. “The market is adjusting to global and domestic economic trends,” Ogunleye explained. “Investors should stay informed and make strategic decisions.”
The market’s performance on Friday underscores its potential to rebound and deliver value to investors despite challenges.
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.
