Equity market sustains recovery with N577bn gain

The Nigerian Exchange extended its recovery, gaining N577bn on Thursday, driven by buying interest in Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications.

The All Share Index appreciated by 1.05 per cent, settling at 98,118.30 points from the previous close of 97,098.98 points, as the year-to-date gain rose to 32.09 per cent, the month-to-date gain to 0.38 per cent, and the week-to-date gain to 0.41 per cent.

Market capitalisation closed at N55.709tn.

Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications led the gainers, each rising by 10 per cent to close at N18.70, N19.25, and N198, respectively.

Investors traded 791.78 million shares in 9,059 deals, valued at N15.126bn.

The volume of stocks traded declined by five per cent, turnover was up by eight per cent, and the number of deals dipped by seven per cent.

The market breadth closed positive as 33 equities gained while 19 equities declined in share prices. Access Holdings recorded the highest trading volume with 116 million shares, followed by Guaranty Trust Holding with 110 million shares and Abbey Mortgage Bank with 50.7 million shares.

On Wednesday, the Nigerian equity market gained N97bn after two days of consecutive losses. The recovery was driven by the appreciation recorded by Red Star Express, Oando, RT Briscoe, and 24 other stocks.

The All Share Index appreciated by 0.20 per cent, closing at 97,098.98 points, up from the previous close of 96,928.52 points.

Globally, markets also saw a broad recovery after a sharp decline earlier in the week.

According to Reuters, stocks rebounded following a significant drop in the Dow and S&P 500 on Monday.