Nigerian Stock Market Sees 0.17% Increase, Adds N95bn
Nigerian stocks rebound with 0.17% growth, gaining N95bn. Top banking stocks drive market up, led by GTCO, Zenith Bank, and FBN Holdings. FTN Cocoa Processors tops gainers with 10% surge, while Secure Electronic Technology Plc leads decliners with 10% drop. Market analysis shows 33.15% decrease in trade turnover.
After three consecutive days of losses, the Nigerian stock market rebounded on Wednesday, June 26, with a 0.17% growth, driven by increased investor interest in top banking stocks.
The gains in leading equities such as Guaranty Trust Holding Company (GTCO), Zenith Bank, and FBN Holdings were the main drivers behind the positive performance of the broader index, resulting in investors gaining N95 billion, equivalent to 0.17%.
The Nigerian Exchange Limited (NGX) market capitalization started at N56.126 trillion and closed at N56.221 trillion, while the All-Share Index climbed by 0.17% or 168 points to settle at 99,385.44, up from 99,217.60 recorded on Tuesday, June 25.
As a result, the Year-To-Date (YTD) return increased to 32.91%, with market breadth remaining positive, as 35 stocks advanced and 23 declined on the trading floor, indicating a bullish market sentiment.
FTN Cocoa Processors emerged as the top gainer, leading 34 advancing equities with a remarkable 10% surge to close at N1.54 per share.
On the flip side, Secure Electronic Technology Plc experienced a significant 10% decline, leading the decliners' table and closing at 54k per share.
Market analysis revealed a notable 33.15% decrease in trade turnover compared to the previous session. A total of 276.36 million shares, valued at N4.12 billion, were traded in 7,597 deals, a contrast to the previous session's figures of 361.57 million shares worth N6.16 billion traded in 8,511 deals.
Access Corporation dominated both the volume and value charts, with an impressive 45.34 million shares valued at N859.40 million traded.
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