The Nigerian stock market rebounded on Friday, recovering from the previous session’s downturn as investors’ portfolios appreciated by about N30 billion.
The positive performance was driven by gains in stocks such as Red Star Express, NCR Nigeria, SCOA and Omatek Ventures, which pushed the market back into positive territory.
Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation rose by N30 billion, closing at N106.353 trillion from an opening value of N106.323 trillion.
Similarly, the All-Share Index (ASI) gained 0.04 per cent, adding 72.21 points to close at 166,129.50, compared with 166,057.29 recorded on Thursday.
Market breadth closed positive, with 43 gainers outweighing 26 losers at the end of the trading session.
Red Star Express topped the gainers’ chart with a 10 per cent increase to close at N13.20 per share. NCR Nigeria followed with a gain of 9.97 per cent, settling at N128.55, while SCOA rose by 9.96 per cent to close at N14.90 per share.
Omatek Ventures appreciated by 9.94 per cent to close at N1.77.
On the losing side, Deap Capital Management declined by 9.85 per cent to close at N4.46 per share.
McNicholas also shed 8.81 per cent to end the session at N6, while Legend Internet dropped by 7.56 per cent to close at N5.50. Cornerstone Insurance lost 6.48 per cent, closing at N6.35, C&I Leasing fell by 6.29 per cent to N8.20, and Austinlaz decreased by 5.78 per cent to close at N3.75 per share.
Trading activity weakened during the session, with a total of 539.9 million shares valued at N16.7 billion exchanged in 48,023 deals. This represents a decline compared with 1.03 billion shares worth N31.6 billion traded in 51,227 transactions on Thursday.
Zenith Bank emerged as the most traded stock by volume and value, with 54.55 million shares worth N3.79 billion exchanged.
This accounted for 10.10 per cent of the total trading volume and 22.68 per cent of the total value traded for the day.
