The Nigerian stock market witnessed a modest recovery on Wednesday with a 0.02% gain, as the market capitalization increased by N11 billion to N67.179 trillion. The All-Share Index rose by 17 points to 107,798.99, supported by significant gains from UH Real Estate Investment Trust and Africa Prudential, among others. Despite lower trading volumes, optimism remains as the Year-To-Date return now stands at 4.73%.
On Wednesday, the Nigerian stock market experienced a slight recovery, recording a modest gain of 0.02 percent after a series of losses. The market capitalization of the Nigeria Exchange Ltd. (NGX) increased by N11 billion, rising from N67.168 trillion to N67.179 trillion. Correspondingly, the All-Share Index climbed by 17 points to conclude at 107,798.99, improving from Tuesday’s figure of 107,781.79.
The market’s Year-To-Date (YTD) return now stands at 4.73 percent, reflecting a modest yet positive trend for investors. On the gainers’ chart, UH Real Estate Investment Trust led with an impressive increase of 9.94 percent, ending at N44.25 per share. Following closely, Africa Prudential’s share price rose by 9.90 percent to reach N33.30, while Caverton Offshore Support Group and Lasaco Assurance recorded gains of 9.87 percent and 6.92 percent, closing at N2.45 and N3.09, respectively.
Trading activity saw investors exchange 245,516,922 shares valued at N8.414 billion across 10,098 deals, a decline from the previous day’s volume of 363,516,922 shares worth N10.118 billion over 13,753 deals. In terms of shares traded, Access Holdings dominated with 36.55 million shares, closely followed by Zenith Bank at 26.79 million and Sterling Financial Holdings at 11.25 million shares. Jaiz Bank and AIICO also ranked amongst the highest in trading volume.
In summary, the Nigerian stock market has shown a slight rebound with a 0.02 percent increase, signaling a potential recovery after prior downturns. Noteworthy performers included UH Real Estate Investment Trust and Africa Prudential, contributing positively to the overall market sentiment. Despite the drop in trading volume, there were significant gains in stock prices, providing some optimistic indicators for investors moving forward.
Original Source: gazettengr.com
