Massive turnaround hits stock market — But there’s a catch

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The Nigerian stock market has rebounded on a bullish trend after a previous downturn, as investors recorded gains of N3.205 trillion in their portfolios.

Market capitalization increased from N143.969 trillion to N147.174 trillion, reflecting a 2.23 percent rise.

Similarly, the All-Share Index climbed by 4,977.51 points, or 2.23 percent, closing at 228,579.80 from 223,602.29.

This pushed the year-to-date return to 46.89 percent growth.

However, market breadth closed negative, with 42 losers compared to 39 gainers.

On the gainers’ table, WAPCO, Industrial and Medical Gases (IMG), and FTN Cocoa Processors recorded gains of 10 percent each, closing at N324.50, N39.60, and N5.50 per share, respectively.

In the same vein, Austinlaz rose by 9.71 percent to close at N3.73, while Presco advanced by 9.52 percent, settling at N2,300 per share.

On the downside, United Bank for Africa (UBA) topped the losers’ chart with a 10 percent decline, closing at N44.55, while Trans-Nationwide Express followed with a 9.99 percent drop to N6.40.

Likewise, National Salt Company fell by 9.18 percent, ending at N187.90 per share.

Also, Jaiz Bank declined by 8.98 percent to close at N8.01, while Berger Paints dropped by 8.66 percent, finishing at N68 per share.

Analysis of trading activities showed an increase in both value and volume, but a decline in the number of deals, as 907.96 million shares worth N68.23 billion were traded across 72,886 transactions.

This compares with the previous session, which recorded 678.2 million shares valued at N44.14 billion across 82,838 deals.

Access Corporation led the volume chart with 219.5 million shares worth N5.78 billion, while Nestlé Nigeria dominated the value chart with transactions totaling N15.27 billion.

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