Nigerian Stock Market closes positive with N310bn gain as investors rally around mid and large-cap equities despite mixed trading activity

Figures from the Exchange revealed that market capitalisation rose from N89.555 trillion to N89.865 trillion, a 0.35 per cent increase. Similarly, the All-Share Index (ASI) gained 489.45 points to close at 142,036.23, up from 141,546.78.

Also read: Global Stock Markets Rise as Dollar Weakens Amid Turmoil

Analysts attributed the rebound to bargain hunting in mid and large-cap stocks, notably Chellaram, Austin Laz, The Initiates, Sovereign Trust Insurance, and Aradel Holdings.

However, overall market breadth remained negative, with 32 decliners against 28 gainers. Guinea Insurance led the laggards, falling 9.70 per cent to N1.49 per share, followed by Cornerstone Insurance, Legend Internet, Deap Capital Management, and Thomas Wyatt Nigeria.

Conversely, Chellaram topped the gainers’ chart, rising 9.77 per cent to N14.60. Austin Laz advanced 9.67 per cent to N2.95, while The Initiates, Sovereign Trust Insurance, and Aradel Holdings also recorded significant gains.

Trading data reflected mixed activity. The total number of deals dipped, yet value and volume rose. Investors exchanged one billion shares worth N24.7 billion in 23,281 transactions, compared with 414.9 million shares valued at N12.95 billion in 25,386 deals previously.

Abbey Mortgage Bank dominated trade volumes, with 401.1 million shares worth N2.7 billion. Fidelity Bank followed with 254.8 million shares valued at N5.3 billion, while UBA, FirstHoldCo, and Access Corporation also featured prominently.

Also read: Nigerian Stock Market Downturn Wipes N324bn in One Day

Market watchers suggested the rebound underscores investor confidence in fundamentally strong equities despite prevailing economic headwinds.