Nigerian equities market halted its two-day losing streak on Thursday, as renewed buying interest in selected stocks lifted market capitalization by N101 billion to N157.15 trillion.
The marginal recovery came despite continued selling pressure across several counters, with 30 stocks closing lower against 23 gainers.
Seplat Energy led the advance after its share price rose by the maximum 10 per cent, helping the benchmark All-Share Index recover 155.03 points from the previous session’s sharp decline.
The Nigerian Exchange Limited, NGX, market capitalization opened at N157.049 trillion and increased by 0.06 per cent to N157.150 trillion at the close of trading. The All-Share Index similarly rose 0.06 per cent to 242,378.13 points, compared with 242,223.10 points recorded on Wednesday.
The rebound followed a difficult two-session period in which the market lost more than N3 trillion in value. On Wednesday, equities declined by 1.05 per cent, wiping N1.67 trillion from market capitalization as investors sold heavily across several sectors.
The sell-off left the market with 44 decliners against only 11 gainers and pushed the year-to-date return down to 55.66 per cent.
Thursday’s recovery lifted the market’s year-to-date return to 55.76 per cent, although the negative market breadth indicated that the broader sentiment remained cautious.
Seplat Energy emerged as the best-performing stock, rising 10 per cent to N14,907.80 per share. The company’s shares reached a new 52-week high during the session, extending a strong recent run in which its price has climbed significantly.
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Japaul Gold followed with a 9.83 per cent gain to N2.57, while Tantalizer advanced 8.29 per cent to N3.79. Secure Electronic Technology gained 7.94 per cent to close at 68 kobo, while Access Corporation rose 5.66 per cent to N28.
Other notable gainers included Transcorp, NGX Group, United Bank for Africa and Guaranty Trust Holding Company, according to market data.
The gains, however, were not broad enough to reverse the dominant selling pressure. Aradel Holdings and RT Briscoe topped the losers’ chart, each declining by 10 per cent to N1,413 and N8.10 respectively.
Champion Breweries fell 9.91 per cent to N10, while International Breweries declined 9.80 per cent to N9.20. Computer Warehouse Group also dropped 9.28 per cent to N17.60.
Activity on the exchange increased significantly during the session, with investors trading 1.40 billion shares in 46,218 deals, representing a 161.79 per cent increase in volume from the previous session. The shares were valued at N27.14 billion, reflecting stronger turnover compared with Wednesday.
Fortis Global Insurance accounted for the bulk of the day’s volume, with 1.03 billion shares changing hands, representing 73.69 per cent of total market volume.
The sharp increase in volume, alongside the modest movement in the benchmark index, suggests that Thursday’s rebound was driven largely by activity in a limited number of counters rather than a broad-based recovery.
Despite the return to positive territory, the market’s 30-to-23 loser-to-gainer ratio points to continued caution among investors following the heavy sell-offs earlier in the week. The session therefore ended with the NGX recovering some ground while selling pressure remained evident across a sizeable portion of listed equities.
NAN
