The Nigerian equities market rebounded on Friday after a two-day losing streak, as the All Share Index (NGX-ASI) recorded 0.22% gain to close at 105,660.64 points.
The improved performance of the local bourse was driven by strong performances from blue chip stocks, including GTCO, which gained 7.08% following the release of its FY 2024 financial statement and a declared final dividend of N7.03 per share, even as TOTAL gained 6.70%, while MBENEFIT also recorded a notable 9.38% increase.
Data on the trading session from the Nigerian Exchange Group (NGX) indicated that as a result of the gains by these and other stocks, investors wealth grew by N147.06 billion, lifting the market capitalization to N66.25 trillion.
Also, the data reflected that the market activity improved in line with the recovery, with trade volume rising by 29.26% and trade value surging by 135.45%, as N21.61 billion exchanged hands for N547.57 million shares across 13,244 deals.
According to the NGX, UPDC and ABBEYBDS led the top gainers, both posting maximum daily return of 10% to close at N2.97 and N4.73 respectively.
The data showed that investors’ appetite for GEREGU was very strong, though its stock price remained unchanged.
Meanwhile, MRS announced its decision to voluntarily delist from the Nigerian Exchange (NGX) and transition to the NASD OTC Securities Exchange.
A further analysis of the market performance based on sectorial indices reflected that the Banking Index was the top performer gaining 1.28% following gains in GTCO 7.08% STERLINGNG 2.83%, ACCESSCORP 1.59% and FIRSTHOLDCO 0.54%, followed by Consumer Goods Index, which grew by 0.21%, despite depreciation (-9.42%), DANSUGAR (-4.06%) HONYFLOUR (-1.59%) as gains in NASCON 6.86%, NB 1.49%, NESTLE 2.00%, NNFM 9.96%.
However, the Insurance index declined by 1.28% weighed down by value depreciation in INTENEGINS (-10%), GUINEAINS (-6.85%), LASACO (-5.45%) and MANSARD (-4.97%).
Similarly, despite gains in TOTAL 6.70%, MRS 4.67% and OANDO 0.52% the Oil and Gas index marginally declined as loss in ARADEL (-0.99%) weighed down the index.
