The domestic stock market, on Thursday rebounded with a N178 billion gain, driven by advances in Tier-one banks and several large and mid-cap stocks.
Renewed investor interest in Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, Nestlé, Transnational Corporation, and Oando Plc contributed to the market’s upward movement.
The market capitalization, which started at N55.576 trillion, increased by N178 billion, or 0.32%, to close at N55.754 trillion. The All-Share Index also rose by 0.32%, or 310 points, finishing at 97,025.17 points, up from 96,715.04 points on Wednesday.
As a result, the Year-To-Date (YTD) return improved to 29.76%. The market breadth ended positively, with 27 gainers and 22 losers.
FBN Holdings and Caverton led the gainers, each up by 10% to close at N26.40 and N2.31 per share, respectively. Flour Mill followed with a 9.99% increase, closing at N49.55. RT Briscoe gained 9.93% to close at N3.32, while Nestlé advanced by 9.88% to end at N890 per share.
On the losing side, Daar Communications dropped 8.86% to close at 72k, and Eterna Plc fell 8.14% to N32.15 per share. Universal Insurance decreased by 7.69% to 36k, Sovereign Trust Insurance fell by 5.97% to 63k, and International Breweries shed 5.32% to N4.45 per share.
Market activity analysis revealed a decline in trade turnover, with transaction values falling by 9.44%. A total of 390.55 million shares valued at N7.97 billion were traded in 9,615 deals, compared to 600.04 million shares valued at N8.81 billion in 9,546 deals from the previous session.
Access Corporation led trading activity in both volume and value, with 80.05 million shares exchanged in deals worth N1.48 billion.
(Vanguard)
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