Equity market halts three-day losses with N54bn gain

The Nigerian equity market ended a three-day losing streak on Thursday, with a gain of N54bn, pushing the market capitalisation to N62.3tn.

The recovery was driven by improved trading activity, as the market recorded a 9 per cent increase in volume, a 113 per cent jump in turnover, and a 2 per cent rise in deals compared to the previous trading session.

The All-Share Index inched up by 87.11 points, or 0.09 per cent, to close at 102,183.06. However, on a weekly basis, the index has lost 3.17 per cent while posting a 2.26 per cent gain over four weeks and a year-to-date loss of 0.72 per cent.

On Monday, the Nigerian Stock Exchange saw a loss of N51bn in market capitalisation, closing at N64.3tn.

On Tuesday, the Nigerian Stock Exchange witnessed a bearish performance at the close of trading, with the market capitalisation declining by N1.06tn, marking a drop in value.

At the close of Wednesday’s trading session on the Nigerian Stock Exchange, the equity market experienced a decline, losing N930.62bn, which marks the third consecutive loss in the market.

Additionally, on Thursday, a total of 467.16 million shares valued at N14.75bn were traded in 12,336 deals. Guaranty Trust Holding led the activity chart with 65.1 million shares traded, followed by Universal Insurance Company (48.5 million), Fidelity Bank (45.9 million), and Access Holdings (27.3 million).

Northern Nigeria Flour Mills emerged as the top gainer, appreciating by 10 per cent to close at N54.45 per share. Dangote Sugar Refinery followed, closing at N40.50 per share with a 9.91 per cent increase. John Holt and The Initiates both gained 9.8 per cent to close at N9.30 and N2.80 per share, respectively.

On the losing side, Livestock Feeds led the decliners, closing at N5.40 per share after a 10 per cent drop. Eunisell Interlinked closed at N15.62, shedding 9.97 per cent, while Neimeth International Pharma fell to N3.12, down by 9.83 per cent. Regency Alliance Insurance also declined, closing at N0.68 per share with a 9.33 per cent loss.

The Top 30 Index rose by 0.41 per cent but recorded a 3.24 per cent weekly loss and a 0.73 per cent year-to-date loss. The Industrial Index saw the highest daily gain of 1.39 per cent but remained down by 8.19 per cent for the week and 8.15 per cent year-to-date.

Other indices also posted mixed performances, including the Banking Index, which gained 0.22 per cent, bringing its year-to-date gain to 3.07 per cent, while the Pension Index shed 0.12 per cent but recorded a year-to-date growth of 1.82 per cent.