Nigerian Equity Market Rebounds with N8bn Gain

The Nigerian equity market witnessed a modest recovery on Tuesday as market capitalization increased by N8bn, closing at N59.2tn. The All-Share Index (ASI) edged up slightly by 13.61 points, or 0.01%, to settle at 97,639.88.

Despite the uptick, the market reflected a one-week loss of 0.34% and a four-week decline of 0.43%. However, the year-to-date gain remains robust at 30.58%.

Investors traded 552.1 million shares worth N8.03bn in 9,305 deals, marking an 18% drop in volume, a 25% decrease in turnover, and an 11% reduction in deals compared to the previous session.

Market breadth closed negative, with 24 stocks advancing while 25 declined. Haldane McCall led the gainers, surging by 9.98% to N6.17 per share. It was followed by Sunu Assurances, which rose 9.8% to N1.68, Japaul Gold and Ventures, which gained 9.72% to N1.13, and Prestige Assurance, which was up 9.64% to N0.91 per share.

On the flip side, Multiverse Mining and Exploration declined by 9.92% to N5.90 per share, followed by Tantalizers, which shed 9.3% to close at N0.39. UPDC Real Estate Investment Trust dropped 9.01% to N3.03, while Universal Insurance fell 5.88% to N0.16.

In terms of trading volume, Haldane McCall topped the charts with 177 million shares exchanged. Tantalizers followed with 37 million shares, while United Bank for Africa and Prestige Assurance traded 29.6 million and 28.6 million shares, respectively.

Among sectoral indices, the Insurance Index outperformed with a 0.91% increase, boosting its year-to-date gain to 52.26%. The Industrial Index rose by 0.76 per cent, reflecting a 1.14% one-week gain and a 29.99% year-to-date growth. The Oil & Gas Index appreciated by 0.36%, extending its impressive year-to-date growth to 133.09%.

Other indices saw mixed performance:

• Consumer Goods Index rose marginally by 0.09%, contributing to a 42.39% YTD gain.
• Premium Index gained 0.09% but recorded a one-week loss of 0.54% and a 27.22% YTD gain.
• NGX Top 30 Index increased by 0.04%, with a 31.6% YTD gain but a one-week loss of 0.42%.

Earlier on Monday, the market opened the week with a loss of N123bn in market capitalization, closing at N59.17tn. The All-Share Index fell by 0.21% to 97,626.27. On the same day, trading volume surged to 671.26 million shares worth N10.64bn across 10,464 deals, representing an 83% rise in volume, a 75% increase in turnover, and an 8% growth in deals compared to the prior session.