STOCK MARKET REBOUNDS AS CAPITALISATION JUMPS N719BN

The Nigerian stock market rebounded strongly on Friday as market capitalisation increased by N719 billion, driven by renewed buying interest in banking, consumer goods, and oil stocks.

The All-Share Index rose by 1.28% to close at 99,872.45 points, reversing some of the losses recorded earlier in the week. The positive performance was supported by strong corporate earnings and positive sentiment in the broader economy.

Analysts attributed the rebound to bargain hunting by investors who saw the previous decline as a buying opportunity. Major stocks such as Zenith Bank, Dangote Cement, and Seplat Energy led the gainers’ chart, contributing significantly to the increase in market capitalisation.

The Nigerian Exchange Limited (NGX) recorded improved trading volume and value, indicating renewed investor confidence. Market watchers believe the upward trend may continue if positive economic data and corporate results persist.

A market analyst at a leading brokerage firm, Mr. Tunde Adebayo, said the rebound reflects the resilience of the Nigerian market. “Despite the volatility, the fundamentals of many listed companies remain solid. Investors are beginning to see value at current price levels,” Adebayo noted.

The banking sector was the top performer, benefiting from strong half-year results and expectations of stable interest rates. Consumer goods and industrial stocks also posted notable gains as investors anticipated improved consumer spending in the coming months.

The rebound comes after a period of correction that saw the market shed some gains due to profit-taking and macroeconomic concerns. Analysts expect the market to remain volatile in the short term but maintain a positive bias in the medium to long term.

As the trading week ended, investors are looking forward to more corporate earnings releases and economic updates that could influence market direction in the coming sessions.