Nigeria’s Stock Market Sees N401bn Gains, Bounces Back from Losses
The Nigerian equities market experienced a significant rebound, with the All-Share Index (ASI) showing a growth of 0.99% on Thursday. This upward movement saw the ASI rise by 733.9 basis points to close at 74,502.58, up from the 73,768.64 recorded the previous day. Similarly, the market capitalization increased by N401 billion, reaching N40.769 trillion from N40.367 trillion recorded on Wednesday.
The positive market breadth was reflected in 34 stocks advancing, 27 declining, and 56 remaining unchanged in 8,336 deals. Leading the gainers’ chart was Ikeja Hotel, which experienced a 10% growth in share price, closing at N5.50 from the previous N5.00 per share. Other companies such as Multiverse Mining and Exploration, Julius Berger Nigeria, and Industrial and Medical Gas Nigeria also saw significant growth in their share prices.
On the other hand, UAC Nigeria experienced a 10% decline in its share price, while John Holt, Deap Capital, and R.T. Briscoe also recorded a dip in their share prices.
In terms of trading volume, Jaiz Bank traded 49.401 million shares valued at N83.1 million in 282 deals, with Zenith Bank and Access Bank Holding following closely behind. On the value index, Zenith Bank raked in N1.055 billion in 577 deals, while MTN Nigeria recorded N792 million worth of stock in 277 deals.
This positive development in the Nigerian equities market signifies a turnaround from the previous day’s losses, offering a glimmer of hope for investors.
It is indeed an exciting time for the stock market, as the recent gains in Nigeria’s equities market show promise for investors who may have experienced losses in the past.
Investors are advised to closely monitor the market over the coming days, as fluctuations are to be expected. However, this recent upturn indicates the potential for growth in the Nigerian stock market, offering hope for investors.
As always, investing in equities carries inherent risks, so it is crucial for investors to carefully consider their options and consult with financial advisors before making any investment decisions.
The positive performance of the Nigerian equities market is a testament to its resilience and potential for growth. With careful consideration and strategic investment, this market presents opportunities for investors to capitalize on.
In conclusion, the recent gains in the Nigerian equities market are a welcome development, providing a glimmer of hope for investors. As always, it is crucial for investors to approach stock investments with careful consideration and to seek professional financial advice. This promising upturn in the market is a reminder of the potential for growth and profit in the Nigerian stock market.
