Nigerian Stock Market Recovers 0.56% on Renewed Bargain-Hunting

Business Post observed buying interest in the banking sectors yesterday, especially as UBA proposed a final dividend of N3 to shareholders after an impressive performance for the 2024 financial year.

Data showed that the banking index outperformed others during the session, closing higher by 3.78 per cent, as the energy space grew by 0.39 per cent and the consumer goods sector appreciated by 0.07 per cent.

However, the insurance counter went down by 1.49 per cent, the industrial goods industry depreciated by 0.01 per cent, and the commodity sector closed flat.

Yesterday, the All-Share Index (ASI) increased by 588.43 points to 105,551.39 points from 104,962.96 points and the market capitalisation gained N369 billion to settle at N66.189 trillion compared with last Friday’s N65.820 trillion.

Investor sentiment was bullish in the first trading session of this week after the bourse finished with 25 price gainers and 22 price losers, representing a positive market breadth index.

Royal Exchange appreciated by 10.00 per cent to close at 88 Kobo, Livestock Feeds expanded by 9.87 per cent to N9.24, Abbey Mortgage Bank rose by 9.62 per cent to N3.95, Universal Insurance improved by 9.62 per cent to 57 Kobo, and Sunu Assurances increased by 9.22 per cent to N5.45.

However, NEM Insurance lost 9.63 per cent to quote at N12.20, United Capital shed 9.29 per cent to end at N16.60, CWG depreciated by 6.67 per cent to N8.40, DAAR Communications went down by 6.06 per cent to 62 Kobo, and Africa Prudential dwindled by 5.56 per cent to N15.30.

A total of 440.5 million shares worth N10.5 billion exchanged hands in 13,314 deals during the trading day compared with the 397.2 million shares valued at N14.2 billion traded in 10,099 deals in the preceding session, showing a decline in the trading value by 26.06 per cent and a growth in the trading volume and number of deals by 10.90 per cent and 31.83 per cent, respectively.

Zenith Bank topped the activity chart with 55.1 million equities sold for N2.6 billion, FCMB traded 49.6 million shares worth N449.1 million, UBA exchanged 47.4 million stocks valued at N1.8 billion, Access Holdings transacted 37.2 million equities worth N834.1 million, and Fidelity Bank traded 31.3 million shares valued at N563.9 million.