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Nigerian stock market rebounds as investors gain N74bn, supported by selective buying despite more decliners.

The Nigerian stock market recovered on Friday, reversing part of the losses recorded in the previous session as investors posted a modest gain of N74 billion.

Data from the Nigerian Exchange Limited (NGX) showed that total market capitalization rose by 0.07 percent to N105.959 trillion, up from N105.885 trillion at the close of trading on Thursday.

In the same vein, the NGX All-Share Index advanced by 114.81 points, also representing a 0.07 percent increase, to settle at 165,512.18 points.

What Drove the Rebound

The market’s recovery was supported by renewed buying interest in selected stocks. Shares of Morison, Union Homes Real Estate Investment Trust, SCOA, RT Briscoe, and Austinlaz attracted demand, helping to lift the benchmark index.

Despite the positive close, overall market sentiment remained cautious.

Market breadth closed negative, reflecting more selling pressure across the exchange. A total of 40 stocks declined, while 34 stocks recorded gains at the end of the session.

Neimeth International Pharmaceutical led the losers’ chart, falling by 9.86 percent to close at N13.25 per share. 

Secure Electronic Technology followed with a 9.35 percent drop to 97 kobo, while Eterna shed 8.23 percent to close at N28.45.

University Press declined by 6.25 percent to N6.00, and Eunisell Interlinked lost 5.84 percent to close at N153.95 per share.

Top Gainers

On the gainers’ table, Union Homes Real Estate Investment Trust and Morison topped the list. Both stocks gained 9.94 percent, closing at N71.35 and N7.52 per share, respectively.

Trading activity weakened during the session, as key indicators showed declines. Investors exchanged 731.7 million shares valued at N19.05 billion in 44,005 deals.

This was lower than the previous session, which recorded 768.3 million shares worth N21.2 billion across 46,481 transactions.

CHAMS led the market in volume, trading 76.86 million shares to account for 10.51 percent of total volume. 

Zenith Bank dominated in value terms, with trades worth N3.47 billion, representing 18.20 percent of the day’s total value.

While Friday’s rebound offers short-term relief, the negative market breadth and reduced trading activity suggest that investor confidence remains fragile. 

Analysts expect cautious trading to persist as investors continue to focus on fundamentally strong stocks.