Nigerian Stock Exchange Defy Bearish Run to Close February With N390 Billion Gain

The Nigerian Stock Exchange market witnessed an increase following days of a bearish run. Market capitalisation gained N390 billion in Thursday trading, the last day of February 2024. In total, market capitalisation closed for the month at N54.71 trillion, up from N54.32 trillion the previous day after suffering N720 billion loss on Wednesday following investors' reactions to the outcome of the MPC.

Drivers for yesterday's trading session were from the banking sector, as various banks experienced increases in market valuation.

The NSE experienced a modest upswing, reversing the previous bearish trend, with a gain of 714.28 points in the NGX All-Share Index (ASI), settling at 99,980.3 points, Nairametrics reports.

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There was an improvement in trading activity as there was a total volume of 542.95 million shares traded, which showed a significant increase of 146.72 million compared to the previous session's volume of 396.23 million shares. 

However, it was reported that the total trading value saw an uptick, with shares worth N8.697 billion changing hands, indicating a 49.28% increase from the N5.83 billion recorded in the preceding session. 

Top Gainers: GTCO, NEM, JULI, and UBA topped the chart with a 10% gain each to close at N39.60, N6.60, N3.41, and N22.55, respectively, followed by CHAMPION with an increase of 9.97% to close at N3.42.

Top Losers: TIP and SUNUASSUR topped the chart with a 10% loss each to close at N1.80 and N1.71, respectively, followed by ETERNA with 9.81% to close at N14.25. CWG lost 9.76% to close at N5.55, while MORISON declined by 9.58% to close at N1.51.

Concerning trading activity, UBA led the pack with a volume of 93.71 million units exchanged, closely followed by TRANSCORP with 54.08 million units, JAPAULGOLD with 34.34 million units, STERLING with 28.49 million units, and FIDELITYBK with 27.09 million units.  

UBA topped the charts regarding transaction value, recording transactions worth N2.07 billion. NESTLE secured the second position with N1.07 billion, followed by Zenith Bank with N768.15 million, TRANSCORP with N692.19 million, and ACCESSCORP with N489.37 million. 

UBA and GTCO saw significant 10% market value increase among top-tier banking segments. Access Holding, Zenith Bank, and FBN Holdings recorded 9.74%, 7.86%, and 1.27%, respectively, in their market worth. 

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Back Story
Investors at the Nigerian Stok Exchange closed on Wednesday in a red zone after investors engaged in sell-off activities, which led to a market capitalisation loss of N720 billion.

This is the third consecutive day the bearish trend lasted in the exchange, a loss of N1.54 trillion combined.

The All-Share Index and market capitalisation declined by 1.31% to 99,302.37 points, while market capitalisation closed on Wednesday with N54.32 trillion after closing at N55.038 trillion the previous day. The NGX year-to-date returns declined to 32.80%.