Nigerian equities market rebounds, adds N653bn to investors’ wealth

THE Nigerian stock market returned to positive territory on Tuesday as renewed buying interest in large- and mid-cap stocks lifted the benchmark indices, adding N653 billion to investors’ wealth.

The rally was supported by strong demand for stocks such as Airtel Africa, Prestige Assurance, Cutix, Regency Alliance Insurance and 15 other equities, reversing the previous session’s decline.

At the close of trading, the market capitalisation appreciated by N653 billion, representing a 0.45 percent increase to N147.217 trillion from N146.564 trillion recorded on Monday.

The All-Share Index also advanced by 1,017.26 points, or 0.45 percent, to settle at 229,419.18, compared with 228,401.92 in the previous trading session. As a result, the market’s year-to-date return improved to 47.43 percent.

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Despite the overall positive performance, market breadth remained weak, with 32 stocks closing lower against 19 gainers.

Custodian Investment topped the losers’ table after shedding 9.98 percent to close at N65.85 per share. PZ Cussons and RT Briscoe followed with losses of 9.95 percent each to settle at N85.50 and N9.95, respectively. UPDC declined by 9.86 percent to N3.20, while Honeywell Flour fell 9.78 percent to close at N14.30 per share.

On the gainers’ chart, Airtel Africa, Critical Minerals Financing Corp and Prestige Assurance posted the maximum daily gain of 10 percent each, closing at N4,794.60, N4.18 and N1.54 per share, respectively. Cutix appreciated by 9.70 percent to N2.94, while Regency Alliance Insurance climbed 9.09 percent to finish at 84 kobo per share.

Trading activity weakened during the session, with investors exchanging 966.66 million shares valued at N39.95 billion across 49,579 deals, reflecting an 8.44 percent decline in volume from the previous trading day.

Linkage Assurance was the most actively traded stock by volume after recording 95.97 million shares, representing 9.93 percent of the total volume traded. Aradel dominated trading by value with transactions worth N11.59 billion, accounting for 29.02 percent of the total value exchanged during the session.