Equity market rebounds with N378bn gain
By Taiye Olayemi
The Nigerian Exchange Ltd. (NGX) rebounded on Wednesday, reversing four days of bearish trend with a gain of N378 billion.
The NGX market capitalisation rose by N378 billion representing 0.5 per cent, closing at N76.179 trillion, up from N75.801 trillion on Tuesday.
Similarly, the All-Share Index (ASI) increased by 598.67 points or 0.5 per cent, closing at 120,339.90, compared to 119,741.23 in the previous session.
The uptrend was driven by renewed investors’ interest in stocks like Cileasing, Cutix, Ellah Lakes, International Energy Insurance, Omatek and 56 others.
Also, the market breadth closed positive with 61 gainers and 16 losers.
On the advancers’ chart, Cileasing grew by 10 per cent, settling at N5.06 while Cutix also increased by 10 per cent, finishing at N3.96 per share.
Ellah Lakes soared by 10 per cent, closing at N9.24 and International Energy Insurance also rose by 10 per cent, ending the session at N1.98 per share.
Omatek Ventures gained by 10 per cent, closing at 88k per share.
On the decliners’ chart, Deap Capital dropped by 9.09 per cent, settling at N1.00 while John Holt decreased by 5.41 per cent, finishing at N7.00 per share.
Dangote Sugar declined by 5.32 per cent, ending the session at N44.50 and Universal Insurance fell by 4.76 per cent, finishing at 60k per share.
Oando shed by 4.73 per cent, closing at N52.35 per share.
1.05 billion shares worth N12.17 billion were exchanged across 21,964 transactions.
This is in contrast with 527.1 million shares worth N11.28 billion that was traded across 21,546 transactions earlier on Tuesday.
Transactions in the shares of Royal Exchange topped the activity chart with 218.7 million shares worth N229.11 million.
This is followed by Ja Paul Gold with 174.1 million shares valued at N473.44 million while Ellah Lakes transacted 83.5 million shares worth N762.23 million.
Wema Bank sold 71.13 million shares valued at N1.1 billion and CHAMS traded 37.6 million shares worth N87.14 million.
Reacting to the uptrend market performance, Mr Aruna Kebira, Managing Director of Globalview Capital Ltd., said, “The market has matured. The activities at the money market arena are revealing that the body language of the government is not more aggressive in borrowing.
“Rates are tanking, and there is a capital flight into the stock market. Liquidity is what is driving the prices up.
“The market is moving every stock for now until the release of Q2 2025 market results, where it would discriminate against poor performers to arrive an equilibrium.
“Meanwhile, liquidity and expectation of interim dividends and capital market activities on the part of most issuers are responsible for the current bullish run.” (NAN)(www.nannews.ng)
Edited by Remi Koleoso/Olawunmi Ashafa
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