Lagos: The stock market reversed its recent downtrend, achieving a 0.31 percent gain on Thursday, resulting in a N279 billion gain for investors. This recovery comes after four consecutive sessions of losses.
According to News Agency of Nigeria, the positive shift was driven by increased bargain hunting and renewed investor interest in stocks such as Mecure Industries, Oando, Mc Nicholas, CHAMS, Legend Internet, and 29 other stocks. The market capitalisation, which began at N89.063 trillion, increased by N279 billion to close at N89.342 trillion. Similarly, the All-Share Index rose by 0.31 percent, or 432.94 points, settling at 141,149.04 compared to 140,716.10 recorded on Wednesday. The market breadth also closed on a positive note with 34 gainers against 22 losers.
Mecure Industries led the advancers with a 9.89 percent increase, closing at N26.10. Oando followed with a 9.50 percent rise, ending the session at N49, while Mc Nicholas climbed by 9.31 percent to settle at N3.64 per share. CHAMS increased by 9.24 percent, finishing at N3.43, and Legend Internet gained 9.18 percent, closing at N5.35 per share.
Conversely, Eterna led the decliners with a 10 percent drop, settling at N27.90. Sovereign Trust Insurance decreased by 4.84 percent, closing at N2.95, and The Initiates fell by 3.84 percent, ending the session at N12.02 per share. Caverton Offshore Support Group dipped by 3.76 percent, finishing at N6.40, while Fidson declined by 3.72 percent, closing at N41.40 per share.
An analysis of market activity showed an increase in both market volume and value, alongside a decline in transactions. A total of 5.5 billion shares valued at N419.7 billion were traded across 20,399 transactions, compared to 442.6 million shares worth N16.9 billion exchanged in 21,684 transactions on Wednesday.
Aradel Holdings led the market chart in both volume and value, with 693.3 million shares valued at N388.2 billion. Consolidated Hallmark Holdings followed with 333.3 million shares worth N1.3 billion, while Sterling Nigeria traded 104.9 million shares valued at N771.8 million. Zenith Bank transacted 45.5 million shares worth N3.14 billion, and Unity Bank sold 4 million shares valued at N12.7 billion.