Stock market rebounds as investors gain N507bn

The Nigerian stock market rebounded on Wednesday, January 8, 2025, recovering from its previous session’s loss, with a N507 billion gain added to investors’ portfolios.

The Nigerian Exchange Limited (NGX) market capitalisation, which opened at N63.051 trillion, increased by N507 billion or 0.80 per cent to close at N63.559 trillion.

The All-Share Index also rose by 0.80 per cent or 832 points to close at 104,230.73, up from 103,398.82 reported on Tuesday.

Consequently, the Year-To-Date (YTD) return improved to 0.127 per cent.

The upward trend was driven by buying interests in key equities such as MTN Nigeria, FBN Holdings, Transnational Corporation, Dangote Sugar, and Nigerian Breweries.

Despite the gains, the market breadth closed slightly negative, with 28 losers compared to 27 gainers.

Sunu Assurances led the losers’ table by N1 to close at N9.01, while Universal Insurance trailed by 7k to close at 71k per share.

Secure Electronic Technology lost 6k to close at 68k, while Consolidated Hallmark Plc shed 21k to close at N3.40 per share.

Naira trades N1,539/$ at official market

Conversely, Transnational Corporation and MTN Nigeria led the gainers table by N20 and N220 respectively to close at N49.50 and N220, respectively.

Honeywell Flour followed by 75k to close at N8.29, AIICO Insurance gained 17k to close at N1.88, while Living Trust rose by 43k to close at N4.81 per share.

Analysis of the stock market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 31.99 per cent.

A total of 756.42 million shares valued at N24.69 billion were exchanged in 13,551 deals, compared with 1.11 billion shares valued at N14.64 billion traded in 16,617 deals posted in the previous session.

For the second session in a row, FBN Holdings led the activity chart in volume with 125.71 million shares, while Geregu Power led in value of deals worth N11.39 billion.

The Star