NGX Index Rebounds on Small-Cap Stocks Revival, Gains N208bn
The Nigerian Exchange (NGX) rebounded on Friday, driven by a revival in several small-cap stocks that pushed key performance indicators higher after several days of selling pressure.
The local stock market successfully broke its 8-session losing streak as the NGX All-Share Index gained 0.13% to close at 248,363.55 points.
The positive price movement seen in some lightweight stocks, including insurance names, lifted the year-to-date return to 59.60%, stockbrokers reported.
The bargain-hunting pushed market capitalisation higher by ₦208.45 billion, to ₦161.26 trillion. Despite the market’s recovery, investor sentiment remained weak, with 31 decliners and 22 gainers.
Trading activity also weakened, with volume, turnover, and deal count declining by 34.57%, 46.08%, and 2.33%, to 322.04 million shares, ₦20.50 billion, and 37,810 transactions, respectively.
Investors trimmed holdings in REDSTAREX, FIDELITYBK, DAARCOMM, WAPIC, and OMATEK, while REGALINS, LIVESTOCK, GUINEAINS, CAP, and UPDC gained.
ZENITHBANK led trading in both volume and value, with 31.69 million shares traded across 2,364 deals, totalling approximately ₦4.30 billion.
REGALINS (+10.00%) and LIVESTOCK (+9.58%) led the gainers’ list, while REDSTAREX (-9.76%) and FIDELITYBK (-8.70%) topped the laggards’ list
Sectoral performance was mixed, with Consumer Goods (+0.16%), Oil & Gas (+0.16%), and Industrial (+0.02%) recording marginal gains.
The Banking (-0.95%) and Insurance (-0.71%) closed in negative territory, and the Commodity sector remained broadly unchanged.
Stockbrokers at Cowry Asset Securities Limited hinted that the market could face renewed selling pressure as profit-taking, especially in the banking sector, might continue to weigh on investor sentiment. Stanbic IBTC Profit Surge Masks Major Shift in Earnings Mix
