NGX Recovers from Losses as Investors Gain N505 Billion

The Nigerian Exchange saw a bounce back on Wednesday, with investors raking in N505 billion after the All-Share Index jumped by 0.87 percent, finishing at 108,609.51 points. This upswing made up for the losses from the day before, bringing the market cap up to N67.8 trillion. 

The surge was fueled by strong performances from BUA Foods, RT Briscoe, and Eterna, among others. BUA Foods topped the gainers with a notable 9.91 percent increase, closing at N410.50 per share. 

RT Briscoe followed closely with a 6.91 percent rise to N2.63 per share, while Eterna climbed 6.25 percent to finish at N42.50 per share. Sunu Assurances Nigeria also saw a 6.13 percent boost, closing at N6.92 per share.

On the flip side, some stocks took a hit. University Press led the losers with a 9.8 percent drop, ending at N4.60 per share. International Energy Insurance also fell by 9.8 percent to N2.21 per share. Union Dicon Salt dropped 9.52 percent to N6.65 per share, and McNichols lost 8.57 percent, closing at N1.60 per share.

Trading activity was lower than the previous session, with investors trading 343.7 million shares worth N8.63 billion across 12,970 deals. This marked a 16 percent decrease in volume, a 23 percent drop in turnover, and an 8 percent reduction in the number of deals.

Access Holdings was the most traded stock, moving 65.1 million shares, followed by Fidelity Bank with 50.7 million shares. Zenith Bank had 22.1 million shares traded, while Sterling Bank saw 13.2 million shares change hands.

Sector performance was a mixed bag. The Nigerian Exchange Consumer Goods Index led the way with a 4.16 percent gain, followed by the Nigerian Exchange Main Board Index, which rose by 1.47 percent, and the Nigerian Exchange Insurance Index, up by 0.29 percent. 

However, the Nigerian Exchange Oil and Gas Index struggled, losing 3.82 percent over the week and 4.58 percent year-to-date.