Stock Market Rebounds as Investors Gain N648 Billion

The Nigerian stock market rebounded on Thursday after two consecutive sessions of decline, with investors gaining N648 billion in market value.

Renewed interest in equities such as FTN Cocoa Processors, Fidson, Deap Capital Management, Caverton Offshore Support Group and Livestock Feeds lifted the market into positive territory.

Market capitalisation rose from N125.750 trillion to N126.398 trillion, representing a 0.52 per cent increase, equivalent to N648 billion.

Similarly, the All-Share Index climbed by 1,010.22 points, or 0.52 per cent, from 195,898.54 to close at 196,908.76.

Consequently, the year-to-date return improved to 26.54 per cent. Market breadth closed flat, recording 30 gainers and 30 decliners.

FTN Cocoa Processors led the gainers, rising 10 per cent to close at N6.27.

Fidson followed with a 9.97 per cent rise to N105.35, while Deap Capital Management gained 9.89 per cent to close at N7 per share.

Caverton Offshore Support Group rose by 9.40 per cent to N6.40, while Livestock Feeds advanced by 9.30 per cent to N7.05 per share.

Eterna and Omatek Ventures topped the losers’ chart, each shedding 10 per cent to close at N42.30 and N2.52 per share.

SCOA declined by 9.94 per cent to N22.65, while Fortis Global Insurance lost 9.24 per cent to close at N1.08.

Sovereign Trust Insurance dropped by 9.09 per cent to close at N2.10 per share.

Market activity weakened, with total volume traded falling by 18.01 per cent to 549.78 million shares.

The transactions totalled N44.74 billion across 55,465 deals.

Fortis Global Insurance recorded the highest trading volume, with 32.18 million shares traded.

Dangote Cement posted the highest value traded at N20.67 billion. This represented 5.85 per cent and 46.21 per cent, respectively, of the day’s total volume and value.

(NAN)