By Seun Ibiyemi
The Nigerian stock market rebounded on Monday, ending a six-session losing streak as investors gained N1.518 trillion, driven largely by renewed buying interest in banking and insurance stocks.
The recovery was led by strong performances in equities such as First HoldCo, Guaranty Trust Holding Company (GTCO), Zenith Bank and International Energy Insurance, which boosted overall market sentiment.
As a result, the market capitalisation of the Nigerian Exchange rose from N151.327 trillion at the close of the previous trading session to N152.845 trillion, representing a gain of N1.518 trillion.
Similarly, the All-Share Index (ASI) advanced by 2,277.92 points, or 0.97 per cent, to close at 238,219.19 points, compared with 235,941.27 points recorded in the preceding session.
The positive performance also strengthened the market’s Year-to-Date (YTD) return, which improved to 53.08 per cent.
Despite the overall market recovery, market breadth remained negative as 35 stocks recorded losses compared to 17 gainers.
On the losers’ chart, Zichis Nigeria Plc led with a 10 per cent decline to close at N23.40 per share. Consolidated Hallmark Holdings followed with a loss of 9.94 per cent to settle at N6.43, while Eterna Plc shed 9.90 per cent to close at N27.75 per share.
Deap Capital Management also fell by 9.82 per cent to N4.41, while Austinlaz & Company declined by 9.74 per cent to close at N3.52 per share.
On the gainers’ table, GTCO and First HoldCo emerged as the top performers, each appreciating by 10 per cent to close at N127.10 and N60.50 per share respectively.
International Energy Insurance gained 9.88 per cent to settle at N5.56, while McNichols Plc advanced by 9.56 per cent to close at N7.45 per share.
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Zenith Bank also recorded a strong performance, rising by 7.09 per cent to finish at N117.80 per share.
Trading activity improved during the session as investors exchanged 475.82 million shares valued at N36.49 billion in 63,567 deals.
The volume of shares traded represented an increase of 8.05 per cent compared to the previous session, reflecting renewed investor participation in the market.
Fidelity Bank emerged as the most actively traded stock by volume, with 48.75 million shares exchanged, accounting for 9.97 per cent of total traded volume.
By value, MTN Nigeria topped the activity chart with transactions worth N16.64 billion, representing 45.32 per cent of the day’s total market turnover.
Market analysts attributed the rebound to bargain hunting in fundamentally strong stocks, particularly in the banking sector, following the recent market downturn.
