The Nigerian stock market bounced back strongly on Monday, reversing a prolonged bearish trend as investors gained N1.52 trillion in market value.
Trading on the Nigerian Exchange, NGX closed on a positive note, with the market capitalization of listed equities rising by N1.52 trillion, or one per cent, to N152.85 trillion from N151.33 trillion recorded at the close of trading last week.
Similarly, the NGX All-Share Index, ASI advanced by 2,261.84 basis points, representing a 0.96 percent increase, to close at 238,203.11 points, compared to 235,941.27 points in the previous session.
The rally was driven by strong performances in major Nigerian banking stocks. First HoldCo Plc and Guaranty Trust Holding Company Plc (GTCO) topped the gainers’ chart with a 10.00 per cent appreciation each, while Zenith Bank Plc rose by 7.09 per cent.
On the losers’ chart, Eterna Plc led with a decline of 9.90 per cent, followed by Deap Capital Management & Trust Plc, which shed 9.82 per cent, and Austin Laz & Company Plc, down by 9.74 per cent.
Market activity also improved significantly. Total trading volume increased by 8.05 percent to 475.82 million shares from 440.36 million shares recorded in the previous session. The value of transactions surged by 47.86 percent to N36.49 billion, compared to N24.68 billion traded previously.
The number of deals executed rose by 26.4 per cent to 63,567 transactions from 50,273 trades, reflecting increased investor participation and market confidence.
Fidelity Bank Plc emerged as the most actively traded stock by volume, with 48.75 million shares exchanged, while MTN Nigeria Communications Plc dominated the value chart, accounting for transactions worth N16.64 billion.
The positive performance marks a significant turnaround for the market after a difficult week in which investors lost N5.64 trillion amid sustained bearish trading sessions.
