Nigerian stock market makes stunning comeback after tough sessions

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The Nigerian equities market rebounded from its recent bearish trend on Friday, closing the week on a strong bullish note as investors recorded gains worth N3.24 trillion.

Accordingly, the All-Share Index (ASI) rose by 5,041.22 points, representing 2.10 percent, to close at 244,775.83, compared to 239,734.61 recorded in the previous trading session.

As a result, the year-to-date return increased to 57.30 percent, while market breadth also ended positive with 45 gainers against 31 losers.

On the gainers’ table, Dangote Cement, Cadbury Nigeria, Mecure Industries, Neimeth International Pharmaceuticals, and LivingTrust Mortgage Bank topped the chart with 10 percent gains each, closing at N1,088, N72.60, N72.60, N9.90, and N3.52 per share respectively.

On the losers’ chart, UACN and Industrial and Medical Gases Nigeria led with 10 percent losses each, settling at N171 and N42.30 per share respectively.

Similarly, Eterna Plc dropped by 9.93 percent to close at N33.55, while Learn Africa declined by 9.89 percent to finish at N8.20. Deap Capital Management also shed 9.69 percent, ending the session at N5.50 per share.

Further analysis showed that market activity declined during the trading session, as total volume traded fell by 36.89 percent to 1.16 billion shares valued at N59.80 billion across 72,733 deals.

Access Corporation emerged as the most traded stock by volume, with 104.43 million shares exchanged, accounting for 9.04 percent of the total volume traded for the day.

Meanwhile, MTN Nigeria recorded the highest transaction value at N7.39 billion, representing 12.35 percent of the day’s total traded value.

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