Stock market rebounds as investors gain N1.52trn after 6-day losing streak

The stock market recovered on Monday after six consecutive sessions of losses, with investors gaining N1.518 trillion.

The recovery was driven primarily by gains in banking and insurance stocks, including First HoldCo, GTCO, Zenith Bank, International Energy Insurance, and others.

The market capitalisation increased from an opening value of N151.327 trillion to N152.845 trillion, representing a gain of N1.518 trillion.

The All-Share Index (ASI) also rose by 0.97 per cent, or 2,277.92 points, to close at 238,219.19, compared with 235,914.27 recorded in the previous session.

The market’s Year-to-Date (YTD) return improved to 53.08 per cent.

However, market breadth closed negative, with 35 losers compared to 17 gainers.

Zichis led the losers’ chart by 10 per cent, closing at N23.40, Consolidated Hallmark followed by 9.94 per cent, settling at N6.43, and Eterna fell by 9.90 per cent, ending the session at N27.75 per share.

Deap Capital Management declined by 9.82 per cent, finishing at N4.41, while Austinlaz dropped by 9.74 per cent, closing at N3.52 per share.

Naira trades N1,369/$ at official market

Conversely, Guaranty Trust Holding Company and First Holding Company led the gainers’ chart by 10 per cent each, finishing at N127.10 and N60.50 per share, respectively.

International Energy Insurance gained by 9.88 per cent, closing at N5.56, Mc Nichols grew by 9.56 per cent, settling at N7.45, while Zenith Bank increased by 7.09 per cent, finishing at N117.80 per share.

Market activity strengthened during the session, with total traded volume rising by 8.05 per cent to 475.82 million shares valued at N36.49 billion, exchanged in 63,567 transactions.

Fidelity Bank emerged as the most actively traded stock by volume, with 48.75 million shares changing hands, representing 9.97 per cent of the total volume traded.

MTN Nigeria led the market by value, recording transactions worth N16.64 billion, which accounted for 45.32 per cent of the day’s total turnover.