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The Nigerian stock market rebounded strongly yesterday, driven by bargain-hunting in blue-chip stocks, with the market capitalisation rose by N2.59 trillion reflecting renewed buying momentum in MTN Nigeria Communications, among others. .
The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 4,076.53 basis points or 2.88 per cent to close at 145,403.83 basis points. Also, market capitalisation rose by N2.59 billion to close at N 92.478 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, MTN Nigeria Communications (MTNN), NASCON Allied Industries, Nigerian Aviation Handling Company (NAHCO) and Guaranty Trust Holding Company (GTCO).
The positive equities’ performance comes after the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun reassured stockbrokers and the investing community that the outcomes of the engagement on the capital gains tax would be in the interest of Nigeria and Nigerians.
Also, this pattern suggested heightened institutional activity through large block transactions, signaling strategic positioning as investors capitalize on attractive entry points following previous day’s sharp correction.
On market outlook, Afrinvest Limited said, “we expect the bourse to sustain its positive close to trading activities as investors hunt for fundamentally solid stocks amidst the policy pause on controversial capital gain tax.”
Market breadth was decisively positive, as 65 gainers overwhelmed 11 decliners. Access Bank, Ecobank Transnational Incorporated (ETI), GTCO, AXA Mansard Insurance, Nigerian Breweries, Oando, PZ Cussons Nigeria, Royal Exchange, Sovereign Trust Insurance, Wapic Insurance and Zenith Bank emerged the highest price gainer of 10 per cent each to close at N22.00, N34.65, N85.80, N13.31, N66.00, N39.60, 38.50, N1.87, N2.86, 2.86, N59.40 respectively, per share.
NAHCO followed with a gain of 9.99 per cent to close at N96.90, while NASCON Allied Industries advanced by 9.98 per cent to close at N103.60, per share.
On the other side, Vitafoam Nigeria, Transcorp Power and Austin Laz & Company led others on the losers’ chart with 10 per cent each to close at N84.60, N307.80 and N2.61 respectively, per share.
Red Star Express followed with a decline of 9.80 per cent to close at N9.20, while Abbey Mortgage Bank shed 9.72 per cent to close at N6.50, per share.
The total volume traded increased by 22.94 per cent to 806.399 million units, valued at N50.778 billion, and exchanged in 24,509 deals. Transactions in the shares of GTCO led the activity with 104.780 million shares worth N8.990 billion. Zenith Bank followed with account of 86.806 million shares valued at N5.156 billion, while Stanbic IBTC Holdings traded 43.627 million shares valued at N4.580 billion.
Access Holdings traded 35.931 million shares worth N789.581 million, while FCMB Group traded 35.508 million shares worth N366.186 billion.
Nigeria’s stock market, the previous day suffered one of its heavy in 15 years, dropping by N4.6trillion on investors’ profit-taking in highly capitalised listed companies on the Exchange.
Highly capitalised listed companies such as Dangote Cement Plc, MTN Nigerian Communications Plc, and BUA Cement Plc all dropped by 10 per cent to close at N594.00, N162.00 and N429.30 per share, respectively.