Equities Market Rebounds with N917bn Gain as Investors Return to Bullish Trading

The Nigerian equities market recorded a strong rebound on Tuesday, with investors on the Nigerian Exchange Limited (NGX) gaining N917bn, reversing the previous bearish sentiment after three consecutive sessions of losses.

The positive performance was driven by renewed buying interest in key stocks, including FTN Cocoa Processors Plc, Zichis Agro-Allied Industries Limited, Skyway Aviation Handling Company Plc, Caverton Offshore Support Group, JaPaul Gold and 22 other listed equities.

Market capitalisation rose by 0.57 per cent, increasing from N160.362tn to N161.279tn, while the All-Share Index (ASI) gained 1,430.59 points to close at 251,635.42 compared to 250,204.83 in the previous session.

Despite the overall gain, market breadth closed negative with 33 losers against 27 gainers. Unilever Nigeria Plc led the losers’ chart, followed by Trans-Nationwide Express Plc, Sovereign Trust Insurance Plc, McNichols Plc and Austin Laz.

On the gainers’ chart, FTN Cocoa Processors led with a 10 per cent increase, followed by Zichis Agro-Allied Industries, Skyway Aviation Handling Company, Caverton Offshore Support Group and JaPaul Gold.

Trading activity, however, declined as volume, value and deals dropped to 703.95 million shares worth N32.15bn in 64,539 transactions, compared to the previous session’s 800.46 million shares valued at N37.05bn across 87,096 deals.

Access Holdings Plc recorded the highest trading volume with 88.41 million shares, while Zenith Bank Plc posted the highest traded value at N3.99bn, accounting for 12.42 per cent of total market value.