The Nigerian equities market closed positively on Thursday, as investors gained N239bn in market capitalisation, reversing the losses recorded in previous sessions following a four-day trading week caused by the Easter public holidays.
Data from the Nigerian Exchange Limited showed that the market capitalisation rose to N65.5tn from N65.26tn recorded on Wednesday, reflecting a N239bn gain. Similarly, the All-Share Index advanced by 390.52 points or 0.38 per cent to close at 104,242.40.
The gain was largely driven by renewed investor interest in select banking and consumer goods stocks such as Abbey Mortgage Bank, Nigerian Breweries, Livestock Feeds, and Ecobank Transnational Incorporated.
Abbey Mortgage Bank emerged as the top gainer with a 9.94 per cent increase to close at N8.96 per share. Nigerian Breweries followed with a 9.86 per cent gain to settle at N36.20, while Associated Bus Company and Livestock Feeds appreciated by 9.23 per cent and 9.2 per cent respective
On the flip side, Sunu Assurances Nigeria led the losers’ chart with a 9.91 per cent decline to N5.00 per share. It was trailed by Ellah Lakes with a 9.76 per cent drop, Cornerstone Insurance with a 9.44 per cent decrease, and Sovereign Trust Insurance with a 9.18 per cent decline.
In terms of volume, Universal Insurance recorded the highest number of traded shares with 89.3 million units, followed by Fidelity Bank with 49.5 million, Access Holdings with 32.9 million, and Zenith Bank with 15.6 million.
Market activity improved in volume but declined in value. A total of 376.29m shares valued at N7.91bn were exchanged in 11,204 deals, showing a 7 per cent increase in volume, a 42 per cent drop in turnover, and an 8 per cent fall in deals when compared to the previous trading day.
Sectoral performance was broadly positive. The Banking Index gained 1.33 per cent, while the Consumer Goods Index rose by 1.24 per cent. The Pension Index increased by 0.85 per cent and the Oil & Gas Index added 0.44 per cent.
Despite Thursday’s rally, the market posted a weekly loss of 0.52 per cent and a four-week decline of 1.08 per cent. However, the year-to-date return remained positive at 1.28 per cent, reinforcing investor resilience amid cautious trading.
Market analysts attributed the rebound to bargain hunting in fundamentally strong stocks as investors positioned for earnings reports and corporate actions in the second quarter.
The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank.