Equities bounce back, adding N720bn in value

The Nigerian stock market experienced a significant rebound on Tuesday, with a total gain of N720 billion as a result of renewed investor interest, which had a positive impact on key performance metrics.

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This upswing was reflected in the market capitalisation, which rose by 0.46 per cent to reach N155.849 trillion, marking a N720 billion increase from the previous trading session's total of N155.129 trillion.

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The All-Share Index (ASI) also saw a notable increase, advancing by 1,121.33 points, or 0.46 per cent, to close at 242,870.44, compared to the previous day's total of 241,749.11.

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The positive performance of the market was largely driven by gains in medium and large-cap stocks across various key sectors, including banking, insurance, consumer goods, and real estate.

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Financial stocks, particularly banks and insurers, dominated the list of gainers, indicating that investors continued to have confidence in the financial services sector.

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The market's Year-to-Date (YTD) return increased to 56.07 per cent, while the market breadth closed on a positive note, with 26 gainers and 23 losers.

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Learn Africa led the gainers' table with a 10 per cent increase, settling at N9.90, followed by Firstholdco, which rose by 9.98 per cent to N72.15.

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Thomas Wyatt Nigeria also experienced significant growth, with a 9.80 per cent increase to finish at N2.69 per share.

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Nigeria Real Estate Investment Trust saw a 9.71 per cent increase, closing at N113, while RT Briscoe advanced by 8.68 per cent to settle at N13.15 per share.

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On the other hand, International Energy Insurance led the losers' chart, declining by 9.86 per cent to finish at N4.66.

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Legend Internet followed, with a 9.18 per cent decrease to settle at N4.45, while Fortis Global Insurance lost 7.67 per cent, closing at N2.77 per share.

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FTN Cocoa Processors also declined, with a 7.55 per cent decrease to end the session at N8.21, and International Breweries dipped by 4.79 per cent to finish at N13.90 per share.

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Market activity saw an improvement during the session, with the total traded volume increasing by 21.25 per cent to 634.78 million shares, valued at N53.34 billion in 42,494 transactions.

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First HoldCo emerged as the most actively traded stock by both volume and value, with 326.92 million shares worth N22.33 billion exchanged, accounting for 51.50 per cent of the day's total volume and 41.87 per cent of the total value traded.