Nigerian stock market rebounds, investors gain N653 billion

Nigeria's stock market saw a positive turnaround on Tuesday, as investors gained approximately N653 billion. The rebound was fueled by a resurgence in buying activity, particularly in large- and mid-cap stocks across various sectors.

The market capitalization climbed by 0.45 percent, reaching N147.217 trillion from N146.564 trillion recorded on Monday. Similarly, the All-Share Index saw an increase, closing at 229,419.18 points, up from 228,401.92 points in the previous session. This performance improved the market's Year-to-Date (YTD) return to 47.43 percent.

Despite the overall market gains, the breadth of the market closed negatively, with 32 stocks declining compared to 19 gainers. Custodian Investment led the losers, dropping 9.98 percent, followed by PZ Cussons and RT Briscoe, both down by 9.95 percent. UPDC and Honeywell Flour also experienced significant declines.

On the gainers' side, Airtel Africa, Critical Minerals Financing Corp, and Prestige Assurance were among the top performers, each rising by 10 percent. Cutix and Regency Alliance Insurance also recorded notable gains.

Market activity saw a slight decline in volume, with investors trading 966.66 million shares worth N39.95 billion across 49,579 deals. Linkage Assurance was the most actively traded stock by volume, while Aradel led in terms of value traded.