Stock Market Rebounds As Investors Gain N234bn

Nigerian stock market investors regained N234 billion on Friday, ending a four-session losing streak, during investors lost over N5.2 trillion, as renewed buying interest lifted key market indicators. Market capitalisation rose by N234 billion, or 0.15 per cent, from N155.359 trillion to N155.593 trillion. The All-Share Index (ASI) also gained 366 points, or 0.15 per cent, closing at 242,593.31 from 242,227.31 in the previous session. As a result, the market’s year-to-date return improved to 55.90 per cent. Market breadth closed positive, with 39 stocks gaining and 11 losing, reflecting stronger investor confidence. Abbey Mortgage Bank, International Energy Insurance and Daar Communications topped the gainers’ chart, each advancing 10 per cent to close at N9.35, N7.26 and N1.98, respectively. Zichis Agro Allied Industries rose by 9.39 per cent to N32.38, while Sovereign Trust Insurance gained 8.70 per cent to close at N2.50 per share. On the losers’ chart, Academy Press declined by 9.84 per cent to N8.25, while University Press fell by 9.73 per cent to N5.10. VFD Group shed 7.59 per cent to close at N10.35 per share. Africa Prudential dropped by 2.63 per cent to N12.95, while CHAMS lost 2.44 per cent to close at N4.00 per share. Trading activity improved, with total volume rising by 3.40 per cent to 608.49 million shares valued at N32.03 billion in 53,826 deals. Abbey Mortgage Bank emerged as the most traded stock by volume, accounting for 164.08 million shares, or 26.97 per cent of total volume traded. Seplat led in value terms, recording transactions worth N9.74 billion, representing 30.39 per cent of the market’s total turnover.