Nigerian Stock Market Rebounds with N465bn gain as investors renew interest in insurance and power stocks, lifting the NGX to a positive start this week

The Nigerian Stock Market Rebounds strongly at the start of the week, adding an impressive ₦465 billion to market capitalisation as investors renewed confidence in equities, particularly in insurance and power stocks.

Also read: NGX Extends Bullish Run as Market Hits N93.3trn

Data from the Nigerian Exchange Ltd. (NGX) showed that the market capitalisation rose to ₦93.760 trillion from ₦93.295 trillion recorded on Friday, marking a 0.50 per cent increase.

Similarly, the All-Share Index (ASI) advanced by 729.19 points, closing at 147,717.23, compared with 146,988.04 previously.

The bullish momentum was driven by significant interest in Sovereign Trust Insurance, Regency Alliance Insurance, Transcorp Power, Consolidated Hallmark Holdings, and Halldane McCall, which led the gainers’ chart.

Sovereign Trust Insurance topped the list, soaring 9.97 per cent to close at ₦3.53 per share, while Regency Alliance Insurance appreciated 9.68 per cent to end at ₦1.36.

Transcorp Power jumped 8.92 per cent to finish at ₦342, followed by Consolidated Hallmark Holdings and Halldane McCall, which rose 7.14 per cent and 6.80 per cent, respectively.

However, the upbeat session was slightly offset by losses in select equities. Tripple Gee shed 9.92 per cent to close at ₦5.45, while Wema Bank fell 4.51 per cent to ₦19.05. Livingtrust Mortgage Bank, NGX Group, and Cutix also declined modestly.

Trading activity improved significantly, with 624.61 million shares worth ₦13.5 billion exchanged across 31,563 deals, compared with 386.6 million shares valued at ₦11.26 billion in 21,842 deals on Friday.

Consolidated Hallmark Holdings led the activity chart by volume, trading 210.5 million shares worth ₦909.6 million.

It was followed by Fidelity Bank with 47.5 million shares valued at ₦951.82 million, while CHAMS, Universal Insurance, and Sovereign Trust Insurance also featured prominently among the most traded stocks.

Market analysts say the Nigerian Stock Market Rebounds reflect cautious optimism among investors amid expectations of fresh policy direction and upcoming corporate earnings reports.

Also read: NGX Weekly Loss Hits N165bn as Sell Pressure Drags Stocks

The mood, they noted, signals improving confidence and a gradual return of liquidity to the equities market.