Bulls lead N25.72bn market gain despite Naira’s fall to N1,509.45/$

Key Points

• Market Rebound: The Nigerian equity market gained five basis points, closing at 100,067.77 points after a previous decline.
• Investor Gains: Investors earned N25.72 billion as market capitalisation settled at N56.61 trillion, driven by demand in top banking stocks.
• Improved Trade Metrics: Total volume and value increased by 33.11 per cent and 10.86 per cent, respectively, to 365.64 million and N4.12 billion.
• Leading Performers: Universal Insurance led the volume charts, while United Capital topped the value charts.
• Mixed Sectoral Performance: The Consumer Goods, Oil and Gas, and Industrial Goods indices closed negative, while the Insurance and Banking indices appreciated.
• Naira Depreciation: The Nigerian Naira depreciated by 0.03 per cent against the US Dollar, closing at N1,509.45 in the NAFEX Window.

 

The Nigerian equity market experienced a positive turnaround, gaining five basis points after a previous decline. This led to a closing value of 100,067.77 points. Accordingly, investors earned N25.72 billion as market capitalisation settled at N56.61 trillion.

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The positive outlook was driven by demand in top banking tickers such as Zenith Bank, which gained 2.59 per cent, GTCO 1.88 per cent, Access Corporation 2.63 per cent, and UBA 2.25 per cent.

Trade Metrics and Leading Performers

Trade metrics improved as total volume and value increased by 33.11 per cent and 10.86 per cent, respectively, to 365.64 million and N4.12 billion. Universal Insurance led the volume charts with 61.53 million units traded, accounting for 16.83 per cent of total volume. United Capital topped the value charts, with units exchanged priced at N711.31 million, accounting for 17.28 per cent of total value.

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Sectoral Performance and Market Sentiment

Sectoral performance was mixed, with three indices closing negative while two appreciated. The Consumer Goods, Oil and Gas, and Industrial Goods indices all closed in the red, driven by negative sentiment in Dangote Sugar, Oando, and Cutix. Conversely, the Insurance and Banking indices appreciated, propelled by buy interest in Cornerstone Insurance and Zenith Bank shares.

Currency Update: Naira Depreciation

Meanwhile, the Nigerian Naira depreciated by 0.03 per cent against the US Dollar in the NAFEX Window, closing at a rate of N1,509.45.

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