Lagos: The Nigerian Exchange Ltd. staged a dramatic rebound on Tuesday, as investors pocketed a staggering ₦917 billion in fresh gains. The surge snapped the market’s bearish streak, fueled by a renewed wave of bullish activity that restored confidence and pushed the bourse back into profitability.
This is after a three-day bearish trend.
The uptick was driven by gains in FTN Cocoa Processors, Zichis Agro Allied Industries, Skyway Aviation Handling Company, Caverton Offshore Support Group, JaPaul Gold, and 22 other equities.
The market capitalisation rose by 0.57 per cent, or N917 billion, to N161.279 trillion from N160.362 trillion.
Similarly, the All-Share Index (ASI) gained 1,430.59 points or 0.57 per cent. It rose from 250,204.83 to 251,635.42.
As a result of the rebound, the Year-to-Date (YtD) return strengthened to 61.71 per cent.
However, despite the positive performance, market breadth closed negative, with 33 losers against 27 gainers.
Unilever Nigeria Plc led the losers’ chart, declining 10 per cent to close at N153 per share.
Trans-Nationwide Express Plc followed with a loss of 9.92 per cent to close at N6.99, while Sovereign Trust Insurance Plc dipped by 9.81 per cent, settling at N2.39 per share.
Also, McNichols Plc shed 9.26 per cent to close at N7.25, while AustinLaz declined by 7.28 per cent, ending the session at N4.20 per share.
On the gainers’ chart, FTN Cocoa Processors Plc led with a gain of 10 per cent to close at N9.79 per share.
ZicZichis Agro-Allied Industries Ltd. followed with a 9.97 per cent increase, settling at N29.13. Skyway Aviation Handling Company Plc appreciated by 9.79 per cent to close at N156.95 per share.
Similarly, Caverton Offshore Support Group rose by 9.76 per cent to close at N6.75, while JaPaul Gold advanced by 9.73 per cent, settling at N3.72 per share.
Analysis of market activity revealed an overall decline in volume, value, and deals, with 703.95 million shares worth N32.15 billion traded across 64,539 transactions.
This is in contrast to the previous day’s 800.46 million shares, valued at N37.05 billion, that were exchanged across 87,096 deals.
Access Holdings Plc recorded the highest trading volume, with 88.41 million shares traded. This represented 12.56 per cent of the day’s total volume.
Meanwhile, Zenith Bank Plc posted the highest value of traded stocks at N3.99 billion. This accounted for 12.42 per cent of the market’s total traded value for the day.
