The Nigerian Exchange Limited (NGX) stock market experienced a significant rebound yesterday, gaining N97 billion driven by price increases in Oando Plc and 26 other stocks.
This upward trend led to a 0.18% rise in the All Share Index (NGX-ASI), which closed at 97,098.98. Consequently, market capitalization increased by N97 billion, reaching N55.130 trillion.
Sector-wise, the Banking Index led the gainers with a 1% increase, followed by the Insurance Index with a 0.8% rise, and the Oil & Gas Index with a marginal 0.1% gain. However, the Consumer Goods Index declined by 0.3%, while the Industrial Goods Index remained flat.
Market sentiment was largely positive, with 27 stocks recording gains compared to 22 losers. Red Star Express emerged as the highest gainer, with a 10% increase to close at N4.18, closely followed by Oando, which rose by 9.98% to N33.60 per share.
On the other hand, NEIMETH International Pharmaceuticals led the losers’ chart with a 7.69% decline to close at N1.80 per share. Honeywell Flour Mills followed with a 6.10% drop to N3.85, while Sovereign Trust Insurance shed 5.56% to close at 51 kobo per share.
Trading activity was robust, with a 41.69% increase in total volume to 636.501 million units, valued at N12.770 billion, and exchanged in 7,990 deals. Access Holdings led the activity chart, with 112.620 million shares worth N2.110 billion traded.
Looking ahead, CardinalStone Partners predicts that the market trend will likely be influenced by a continued rotation into attractive fixed-income securities, driven by elevated yields after the Central Bank of Nigeria’s recent interest rate hike.
Additionally, upcoming earnings results and ongoing recapitalization efforts in the banking sector are expected to shape market dynamics.
Investors profit by N97 billion as stock market rebounds
