The Nigerian stock market rebounded on Thursday with a 0.23% increase, influenced by price surges in medium- and large-cap stocks. Market capitalization rose by N215 billion to N66.868 trillion, driven by gains in stocks like Transnational Corporation and Guinness. The overall trading activity was robust with 375.73 million shares exchanged, while Guaranty Trust Holding Company topped the transaction chart.
On Thursday, the Nigerian equity market indicators demonstrated a positive trend, increasing by 0.23%. This rebound resulted from the price appreciation of several medium- and large-cap stocks, notably in the Nigerian Exchange Ltd. (NGX). The market capitalization rose by N215 billion (0.32%), elevating it to N66.868 trillion from N66.653 trillion observed on Wednesday.
Additionally, the All-Share Index experienced an uplift of 0.32% or 344 points, closing at 106,780.72, compared to 106,436.48 in the previous session. Key contributors to this positive momentum included significant gains in shares of Transnational Corporation, Guinness, and Dangote Sugar. The overall market breadth reflected a healthy outcome, with 36 stocks gaining and 15 losing in value.
Specifically, Transnational Corporation surged by 9.98%, reaching N51.80 per share, followed closely by SCOA Nigeria which saw a gain of 9.88% to N3.78 per share. Africa Prudential climbed by 9.87% to N30.60, while Tantalizers increased by 9.52% to N2.37. Caverton Offshore Support Group also advanced, gaining 9.09% to close at 36k per share. On the other hand, Sunu Assurance, MRS Nigeria Ltd., and Red Star Express led in losses, declining by 10% each to close at N4.77, N166.50, and N5.94 respectively.
Moreover, Lasaco Assurance recorded a loss of 7.99%, closing at N2.65, while UPDC Real Estate Investment Trust fell by 6.76% to N2.62 per share. The volume of shares traded amounted to 375.73 million, valued at N10.185 billion through 11,447 transactions. This indicates a slight decrease from the previous session where 389.57 million shares valued at N11.309 billion were exchanged in 11,423 transactions.
Guaranty Trust Holding Company led the transaction activities with 49.9 million shares worth N2.91 billion, followed by Access Corporation with 43.8 million shares valued at N1.03 billion. Zenith Bank recorded transactions of 36.5 million shares worth N1.72 billion, while Fidelity Bank transacted 2.71 million shares valued at N469 million and United Bank for Africa dealt with 1.94 million shares worth N705 million.
The Nigerian stock market exhibited a rebound on Thursday with a 0.23% increase driven by significant price gains in major stocks. Key players, such as Transnational Corporation and Guinness, led the market upward, resulting in an enhanced market capitalization and positive market breadth. Despite some losses in certain stocks, the overall trading volume remained robust, reflecting steady investor activity in the market.
Original Source: www.premiumtimesng.com
