The Nigerian stock market staged a recovery on Thursday, advancing by 0.35 percent and boosting investors’ wealth by N310 billion.
Figures from the Nigerian Exchange showed that market capitalisation rose from N89.555 trillion to N89.865 trillion, while the All-Share Index gained 489.45 points to close at 142,036.23 against the previous 141,546.78.
The rebound was fuelled by bargain hunting in stocks such as Chellaram, Austin Laz, The Initiates, Sovereign Trust Insurance, and Aradel Holdings.
Chellaram led with a 9.77 percent rise to N14.60 per share, followed by Austin Laz with 9.67 percent at N2.95. The Initiates gained 8.08 percent to N12.97, Sovereign Trust Insurance advanced 7.37 percent to N3.06, while Aradel Holdings added 6.97 percent to close at N583.
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However, market breadth ended negatively as 32 stocks declined against 28 gainers. Guinea Insurance led the losers with a 9.70 percent drop to N1.49.
Cornerstone Insurance followed, shedding 8.68 percent to N6.52. Legend Internet and Deap Capital Management fell 7.27 percent and 7.06 percent respectively to N5.10 and N1.58, while Thomas Wyatt Nigeria dipped 6.49 percent to N2.45.
Trading activity showed reduced deal numbers but higher value and volume. A total of one billion shares worth N24.7 billion were exchanged in 23,281 deals, compared with 414.9 million shares valued at N12.95 billion in 25,386 deals on Tuesday.
Abbey Mortgage Bank dominated activity with 401.1 million shares valued at N2.7 billion. Fidelity Bank followed with 254.8 million shares worth N5.3 billion.
United Bank for Africa traded 23.2 million shares worth N1.1 billion, FirstHoldCo exchanged 22.5 million shares valued at N699.6 million, while Access Corporation recorded 17.5 million shares worth N473.9 million.
