In a notable turnaround, investors on the Nigerian Exchange Limited reaped substantial gains totaling N402 billion by the close of Thursday’s trading session, marking a recovery from the N139 billion loss incurred in the preceding session.
Bullish sentiments, particularly in key stocks such as MTN Nigeria (+4.58%), Dangote Cement (+2.20%), Zenith Bank (+0.53%), and PZ (+1.35%), fueled this positive trend.
The All-Share Index surged by 0.99% to reach 74,502.58 points, pushing the year-to-date gain to an impressive 45.37%.
Concurrently, market capitalization increased by 0.99% to settle at N40.769 trillion, establishing record highs for both the ASI and market cap.
The bullish momentum resulted in 37 gainers outpacing 27 losers, with notable performers including Ikeja Hotel, Multiverse, Julius Berger, Industrial & Medical Gases Plc, and McNichols Plc.
Despite the overall gains, trading activity experienced a notable decline, with the total traded volume decreasing by 11.17% to 384.58 million units.
The total traded value also saw a substantial decrease of 56.20% to N5.67 billion, while the total number of deals declined by 6.35% to 8,336 deals.
Sectoral performance remained positive, with the Insurance, Consumer Goods, Oil/Gas, and Industrial indexes experiencing gains of 2.07%, 0.11%, 0.02%, and 1.10%, respectively. The Banking sector was the lone decliner, dipping by 0.22%.
For the second consecutive day, Jaiz Bank emerged as the most traded security by volume, with 49.40 million units changing hands across 282 trades.
Zenith Bank followed closely, exchanging 27.94 million units in 577 deals. Other actively traded securities included Access Holdings Plc, VeritasKap, and Transcorp.
Zenith Bank also led in traded value at N1.06 billion, trailed by MTN Nigeria with N792.51 million in shares traded. AccessCorp followed with N539.24 million worth of shares, United Bank for Africa at N367.411 million, and Guaranty Trust Holding Company Plc at N291.16 million.
Analysts anticipate a positive trend for the week, projecting increased investor engagement in profit-taking and bargain-hunting for dividend-paying stocks. This is driven by sector rotation and portfolio rebalancing strategies.
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