N219bn Boost: Equity Market Bounces Back

Market Recovery - N219bn Gain for Investors

Investors rejoice as market recovers N219bn...

Nigerian equity market rebounds with N219bn gain, driven by strong performances from Zenith Bank, Access Corporation, and Oando, among others. The All-Share Index rose by 0.40% to 97,745.73, with 36 gainers and 10 losers. United Bank for Africa (UBA) led trading activity, followed by Japaul Gold Group and Oando Plc.

The equity market rebounded on Friday, gaining N219 billion and ending the week on a high note despite the nationwide protests against economic hardship that began on Thursday and continued into Friday.

The market's resilience was driven by strong performances from key stocks, including Zenith Bank, Access Corporation, Fidelity Bank, Transnational Corporation, United Capital, and Oando, among others.

The market capitalization of listed equities rose by 0.40% or N219 billion, from an opening value of N55.278 trillion to a closing value of N55.497 trillion, indicating a significant uptick in investor confidence.

The All-Share Index experienced a 0.40% increase, gaining 386 points to close at 97,745.73, up from the previous day's closing value of 97,359.76. This growth pushed the Year-To-Date (YTD) returns up to 35.63%.

The market's positive performance was further evidenced by a favorable market breadth, with 36 stocks recording gains and 10 experiencing losses. Leading the gainers were May and Baker, Oando, and Okomu Oil, each rising by 10% to close at N7.04, N25.30, and N321.20 per share, respectively.

Other notable gainers included Total, which increased by 9.98% to close at N427.70, and United Capital, which rose by 9.95% to close at N12.15 per share, contributing to the overall upward momentum in the market.

On the losing side, Mecure topped the list with a 9.82% decline, closing at N7.35, followed by ABC Transport, which dropped by 70k. Sovereign Trust Insurance also experienced a significant loss, shedding 9.09% to close at 50k per share.

Other notable losers included Sunu Assurances, which fell by 8.16% to close at N1.35, and UPDC Real Estate Investment Trust, which depreciated by 6.92% to close at N1.21 per share.

Despite the mixed market performance, trading activities slowed down, with a 53.68% decrease in the total value of shares traded. The day's transactions saw 210.91 million shares valued at N3.95 billion exchanged in 6,603 deals, a significant drop from the previous day's 565.12 million shares valued at N8.53 billion traded in 6,821 deals.

United Bank for Africa (UBA) dominated the activity table, topping both volume and value charts with a total of 37.64 million shares traded, valued at N752.02 million.

Following closely behind UBA were Japaul Gold Group, with 17.18 million shares exchanged for N30.18 million, and Oando Plc, which sold 14.88 million shares worth N371.03 million. Other actively traded stocks included Zenith Bank, which transacted 13.76 million shares valued at N489.98 million, and Veritas Kapital, which sold 11.69 million shares worth N11.68 million.