The Nigerian stock market recorded a strong rebound on Thursday, adding about ₦350 billion in value as renewed investor confidence lifted major banking and industrial sector stocks. The rally marked a continuation of the positive momentum seen in recent weeks, reflecting a growing appetite for fundamentally strong equities ahead of the release of third-quarter earnings reports.
At the close of trading, data from the Nigerian Exchange Limited (NGX) showed that the market capitalisation increased to ₦94.2 trillion from ₦93.85 trillion recorded the previous day. The All-Share Index (ASI) advanced by 612.81 points or 0.41 per cent to settle at 148,355.04 points. This performance pushed the market’s weekly gain to 1.47 per cent, its four-week gain to 4.45 per cent, and its year-to-date return to an impressive 44.14 per cent.
Trading activity also strengthened as investors exchanged 432.31 million shares worth ₦16.80 billion in 23,642 deals. Compared to the previous session, trading volume rose by 11 per cent, transaction value jumped by 36 per cent, and the total number of deals increased by 3 per cent, indicating renewed enthusiasm across the market. Out of the 128 listed companies that participated in the day’s trading, 30 recorded price gains while 26 closed lower.
Secure Electronic Technology Plc emerged as the top gainer, rising by 7.06 per cent to close at ₦0.91 per share. It was followed by Sterling Financial Holdings Company, which gained 6.49 per cent to close at ₦8.20 per share. Livestock Feeds appreciated by 5.33 per cent to end at ₦7.90, while The Initiates Plc advanced 5.18 per cent to finish at ₦14.00 per share.
On the other hand, Sunu Assurances Nigeria Plc led the decliners, dropping by 9.71 per cent to close at ₦5.21 per share. Haldane McCall declined by 7.53 per cent to ₦4.05, Daar Communications lost 6.36 per cent to ₦1.03, while Sovereign Trust Insurance fell 6.05 per cent to ₦3.26 per share.
In terms of trading volume, Consolidated Hallmark Holdings Plc recorded the highest activity with 40.95 million shares worth ₦196.59 million traded. Access Holdings followed closely with 40.34 million shares valued at ₦1.04 billion. Guaranty Trust Holding Company (GTCO) and Zenith Bank also featured prominently, exchanging 27.57 million shares worth ₦2.58 billion and 25.05 million shares valued at ₦1.71 billion, respectively.
GTCO also led in value traded with ₦2.57 billion, followed by Aradel Holdings with ₦2.52 billion. Zenith Bank posted a turnover of ₦1.71 billion, while Nestle Nigeria and MTN Nigeria recorded ₦1.33 billion and ₦1.06 billion in trades, respectively.
The overall market performance remained broadly positive across key sectors. The Industrial Index appreciated by 1.44 per cent, the Premium Index rose by 0.95 per cent, and the Consumer Goods Index gained 0.24 per cent. Similarly, the Pension and Banking indices closed higher by 0.22 per cent and 0.21 per cent, respectively, reflecting widespread buying interest.
Market analysts attributed the bullish performance to investors positioning themselves ahead of corporate earnings announcements and dividend declarations. They noted that the steady rise in turnover and trading activity highlights improving investor sentiment despite the country’s macroeconomic challenges.
With the current momentum and rising optimism, analysts expect the Nigerian stock market to maintain its upward trajectory in the short term as investors continue to take advantage of attractive valuations and upcoming earnings opportunities.