Nigerian stock market rebounds, investors gain N9.3 trillion in 5 days

The Nigerian stock market experienced a significant rebound, concluding the past week with investors adding N9.342 trillion to their holdings. This recovery follows a substantial loss of over N1.8 trillion in the preceding week due to widespread selloffs.

Trading data reveals that the NGX market capitalization, representing the total value of listed stocks, climbed to N156.444 trillion from N147.102 trillion. Concurrently, the NGX All Share Index, a key indicator of stock price movements, saw a robust increase of 6.4%, closing at 243,798.76 points.

The market's upward trend was primarily fueled by strong performances from major stocks. Dangote Cement led the gains with a 17.51% increase, followed by Airtel Africa at 10%, MTNN at 8%, and ARADEL at 19.67%. This surge propelled the market's Year-to-Date return to 56.8%.

Analysts observed that the market maintained its positive momentum throughout the week, with investors continuing to allocate funds to fundamentally sound large and medium-cap stocks. This sustained inflow of capital into blue-chip equities signals a renewed confidence in Nigeria's stock market, even amidst global geopolitical uncertainties.

In terms of trading volume, 3.648 billion shares valued at N220.568 billion were exchanged across 251,861 deals. The Financial Services Industry dominated these transactions, accounting for 79.48% of the total equity turnover by volume and 66.81% by value.