The Nigerian stock market closed in positive territory on Thursday, recording a N239 billion boost in market capitalisation. This uptick followed a four-day trading week, shortened by the Easter public holidays, and reversed the previous sessions’ losses.
According to data from the Nigerian Exchange Limited (NGX), the market capitalisation rose to N65.5 trillion, up from N65.26 trillion on Wednesday. The All-Share Index (ASI) also climbed by 390.52 points, or 0.38%, closing at 104,242.40.
The rebound was mainly driven by strong investor interest in select banking and consumer goods stocks. Top gainers included Abbey Mortgage Bank, which surged by 9.94% to N8.96 per share, and Nigerian Breweries, up 9.86% to N36.20. Livestock Feeds and Associated Bus Company also recorded notable gains of 9.2% and 9.23%, respectively.
However, some stocks underperformed. Sunu Assurances Nigeria led the losers’ chart with a 9.91% decline to N5.00 per share, followed by Ellah Lakes, Cornerstone Insurance, and Sovereign Trust Insurance, which all saw losses exceeding 9%.
Trading activity was mixed. A total of 376.29 million shares valued at N7.91 billion were exchanged across 11,204 deals. While this marked a 7% rise in volume, it also represented a 42% drop in turnover and an 8% decrease in the number of deals.
On the sectoral front, performance was broadly positive. The Banking Index led the way with a 1.33% gain, while the Consumer Goods Index advanced 1.24%. The Pension Index rose by 0.85%, and the Oil & Gas Index added 0.44%.
Despite the strong Thursday rally, the NGX recorded a weekly loss of 0.52% and a four-week decline of 1.08%. Still, the year-to-date return remained in the green at 1.28%, underscoring investor resilience amid cautious trading.
Market analysts credited the rebound to bargain hunting in fundamentally strong stocks, as investors position themselves for Q2 earnings and corporate actions.
