The Nigerian stock market has shown a remarkable recovery, gaining N66 billion in recent trading sessions. This resurgence comes after a period of decline, driven by renewed investor interest in key sectors.
The All-Share Index (ASI) rose by 0.17% or 168 points to close at 99,385.44, compared to the previous close of 99,217.60. This positive movement has increased the Year-To-Date (YTD) return to 32.91%.
"Investors gained N66 billion or 0.17 per cent, as the Nigerian Exchange Ltd. (NGX) market capitalisation opened at N56.126 trillion and closed at N56.221 trillion," reports indicate. The market breadth also closed positive, with 35 gainers and 23 losers on the floor of the Exchange.
Key drivers of this rebound include massive gains in Tier-one banking stocks such as Guaranty Trust Holding Company (GTCO), Zenith Bank, and FBN Holding.
Additionally, FTN Cocoa Processors led the gainers' table with a 10% increase, closing at N1.54 per share, while Secure Electronic Technology Plc topped the losers' list with a 10% decline, closing at 54k per share.
Despite the positive performance, trade turnover settled 33.15% lower than the previous session. A total of 276.36 million shares valued at N4.12 billion were traded in 7,597 deals, compared to 361.57 million shares worth N6.16 billion in 8,511 deals posted in the previous session.
This recovery is part of a broader trend observed in the Nigerian stock market throughout 2024. The main stock market index, NSE-All Share, has increased by 21,122 points or 28.25% since the beginning of the year.
Historically, the Nigeria Stock Market NSE reached an all-time high of 106,087.84 points in February 2024. As of August 20th, 2024, the index is expected to trade at 96,377.29 points by the end of this quarter, with projections estimating it to reach 92,389.26 points in the next 12 months.
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