UPDC tops gainers as NGX rebounds with N82bn gain

The Nigerian Exchange Limited rebounded on Thursday, recording a market capitalisation gain of N82bn, as UPDC Plc, International Breweries, and Royal Exchange Plc led the gainers chart.

At the close of trading, the All-Share Index increased by 130.24 points, or 0.12 per cent to settle at 106,220.62 points. Despite this recovery, the market remained on a one-week decline of 0.52 per cent and a four-week loss of 2.7 per cent, while maintaining a year-to-date gain of 3.2 per cent.

Market data showed that 341.7 million shares valued at N16.65bn were traded in 11,233 deals, representing a 77 per cent drop in trading volume, a 62 per cent increase in turnover, and a four per cent decline in deals compared to the previous trading session.

Investor sentiment was mixed, with 123 equities participating in trading. A total of 36 stocks closed in the green, while 20 recorded losses. UPDC Plc led the gainers, appreciating by 9.92 per cent to close at N2.77 per share, followed by International Breweries, which gained 9.62 per cent, and Royal Exchange Plc, which rose by 9.59 per cent. Multiverse Mining & Exploration also posted an 8.81 per cent increase.

On the flip side, University Press Plc topped the losers’ chart, declining by 10 per cent to N4.32 per share. Academy Press fell by 9.66 per cent, Red Star Express lost 9.32 per cent, and Neimeth International Pharmaceuticals dropped by 8.33 per cent.

In terms of volume, Tantalizers Plc led the market with 29.6 million traded shares, followed closely by Access Holdings (29.2m), Zenith Bank (28.7m), and Guaranty Trust Holding Company (GTCO) (26.7m).

Sectoral performance was mixed. The Consumer Goods Index gained 1.4 per cent, the Insurance Index rose 0.62 per cent, and the Main Board Index increased 0.22 per cent. However, the Oil & Gas Index dropped 1.07 per cent, while the Industrial Index remained unchanged.

The PUNCH reported that the Nigerian stock market recorded an N48bn decline in market capitalisation at the close of trading on Wednesday, as bearish sentiments pushed the NGX All-Share Index down by 0.07 per cent to 106,090.38 points. This marked a 0.33 per cent loss in one week and a 1.61 per cent decline over four weeks, despite a 3.07 per cent year-to-date gain.