The Nigerian equities market rebounded on Thursday, ending an 11-session losing streak after investors responded positively to FTSE Russell’s confirmation of Nigeria’s reclassification from “Unclassified” to Frontier Market status.
The NGX All-Share Index gained 0.20 per cent to close at 239,156.09 points, lifting its year-to-date return to 53.69 per cent. Market capitalisation also increased by N305 billion to N154.442 trillion.
The recovery was driven largely by gains in medium- and large-cap stocks, including First Holdco, United Bank for Africa (UBA), Access Holdings, AXA Mansard Insurance and Abbey Bank.
Despite the overall market recovery, trading sentiment remained mixed, with 39 stocks recording losses compared with 19 gainers.
Omatek Venture led the gainers, rising 9.60 per cent to close at N1.37 per share. Cornerstone Insurance followed with a 9.18 per cent gain to N5.35, while AXA Mansard Insurance advanced 9.09 per cent to N12.00 per share.
Abbey Bank gained 6.25 per cent to close at N8.50, while First Holdco appreciated by 4.65 per cent to N135.00 per share.
On the losers’ side, Fidson Healthcare led the decline, falling 9.98 per cent to N75.80 per share. International Energy Insurance and Learn Africa each declined 9.84 per cent to close at N2.84 and N8.70, respectively.
Dara Communication shed 8.61 per cent to close at N1.38, while Legend Internet declined 8.43 per cent to N3.80 per share.
Trading activity also weakened, with total volume falling 31.8 per cent to 499.96 million shares, valued at N35.15 billion and exchanged in 40,323 deals.
Zenith Bank dominated the activity chart, with 69.948 million shares worth N8.201 billion changing hands. Access Holdings followed with 45.369 million shares valued at N1.287 billion, while Guaranty Trust Holding Company (GTCO) recorded 37.469 million shares worth N4.813 billion.
Tantalizers traded 21.305 million shares valued at N22.414 million, while Wapic Insurance recorded 24.298 million shares worth N49.366 million.
Meanwhile, Cowry Assets Management Limited said the market could sustain its positive momentum, as investor sentiment is expected to strengthen further following FTSE Russell’s confirmation of Nigeria’s reclassification.
The development is expected to enhance Nigeria’s visibility among global investors and support renewed interest in the domestic equities market.
