Nigerian stock market rebounds with N1.184 trillion gain as NEM Insurance, Seplat and others lead surge, lifting market capitalisation to N73.681 trillion
Stock market rebounds N1.184trn gain after two consecutive sessions of losses, driven by strong buying interest in medium and large-capitalised stocks.
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Wednesday’s trading saw investor wealth rise significantly as 38 stocks closed higher, led by gains in NEM Insurance, Beta Glass, Seplat Energy and Linkage Assurance.
The Nigerian Exchange recorded a jump in market capitalisation by N1.184 trillion, or 1.63 per cent, ending the session at N73.681 trillion, up from N72.497 trillion on Tuesday.
Similarly, the All-Share Index (ASI) surged by 1,876.71 points to close at 116,786.87, recovering from its previous low of 114,910.16.
NEM Insurance topped the gainers’ chart, appreciating by 10 per cent to close at N16.50 per share. Beta Glass followed closely with a 9.99 per cent increase, ending at N250.95.
Seplat Energy added 9.79 per cent to settle at N5,450, while Thomas Wyatt and Linkage Assurance gained 9.73 per cent and 9.56 per cent respectively.
Despite the positive sentiment, the market recorded some losses. FG132026S1 led the laggards with a 17.70 per cent drop, ending at N80 per unit.
Eterna fell by 10 per cent to N38.70, and Secure Electronic Technology closed 9.68 per cent lower at 56k. Legend Internet and FTN Cocoa Processors also dipped by 9.66 per cent and 6.07 per cent respectively.
A total of 640.08 million shares worth N26.01 billion were exchanged in 19,727 deals, slightly lower than Tuesday’s 787.31 million shares valued at N25.67 billion traded in 23,170 transactions.
Zenith Bank dominated market activity with 149.92 million shares worth N7.21 billion. Access Corporation followed with 48.64 million shares valued at N1.01 billion.
United Bank for Africa, Nigerian Breweries, and Fidelity Bank also featured prominently on the volume chart.
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The rebound reflects renewed investor confidence, with analysts pointing to the strength of large-cap stocks and expectations of positive corporate earnings as key drivers of Wednesday’s rally.
