After three consecutive days of bearish indices, the Nigerian equities market rebounded today, closing 0.31% higher at 141,149.04 points.
Data from the Nigerian Exchange Group (NGX) on the market’s performance indicated that the recovery was fueled by strong buy-side activity, particularly in MTNN, ZENITHBANK, and OANDO. Consequently, investors’ wealth grew by N279.37 billion, lifting the market capitalization to N89.34 trillion.
According to the trading session data, sectoral performance was largely positive, with four of the five tracked indices ending in the green.
The Banking index led the gainers; chart, up by 1.02% on gains in ZENITHBANK, UBA, GTCO, and ACCESSCORP; the Oil & Gas index followed with a 0.74% rise, supported by OANDO’s 9.50% surge, which offset sharp declines in ETERNA (-10%) and JAPAULGOLD; the Consumer Goods index also edged higher by 0.31%, while the Insurance index declined by 0.41%.
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A further analysis of the trading data on the activity chart, reflected that UNITYBNK dominated both volume and value as 4 billion units worth N12.72 billion exchanged hands through a strategic cross trade. ARADEL followed with 693.25 million units valued at N388.20 billion, though its price remained flat.
Similarly, the market sentiment improved as the Up/Down volume ratio rose to 2.55x, while breadth strengthened to 1.55x from 0.79x, with 34 gainers outpacing 22 losers at the close of the trading.
