The Nigerian Stock Exchange (NGX) experienced a positive turn of events on Wednesday, as the market rebounded from the previous session’s losses, adding N507 billion to investors’ portfolios.
This uptick in market activity saw the market capitalization climb from N63.051 trillion to N63.559 trillion, reflecting a 0.80% increase.
The All-Share Index mirrored the market’s positive performance, rising by 0.80% or 832 points to close at 104,230.73, up from 103,398.82 the previous day.
The Year-To-Date (YTD) return also improved to 0.127%, signaling a gradual recovery.
The upward movement was largely fueled by investor interest in key equities, such as MTN Nigeria, FBN Holdings, Transnational Corporation, Dangote Sugar, and Nigerian Breweries.
MTN Nigeria saw a substantial gain of N220, closing at N220, while Transnational Corporation added N20 to close at N49.50.
However, despite the overall growth, the market breadth ended slightly negative with 28 losers compared to 27 gainers.
Sunu Assurances led the losers with a decline of N1 to close at N9.01, followed by Universal Insurance, which fell by 7k to settle at 71k per share.
In terms of trading activity, there was a noticeable decrease in transaction volume.
A total of 756.42 million shares, valued at N24.69 billion, changed hands in 13,551 deals.
This marked a 31.99% drop in value compared to the previous session, which recorded 1.11 billion shares valued at N14.64 billion in 16,617 deals.
Interestingly, FBN Holdings maintained its lead in trading volume with 125.71 million shares, while Geregu Power topped the activity chart in value with N11.39 billion worth of deals.
In related news, the NGX has taken action against 30 companies for failing to meet corporate governance standards.
This move reflects the exchange’s commitment to maintaining transparency and accountability within the Nigerian stock market, aiming to foster investor confidence and ensure long-term market stability.