The Nigerian Exchange Limited (NGX) witnessed a significant rebound in its equities market on Wednesday, recovering from previous session losses. The market capitalization surged by N358.05 billion, closing at N36.90 trillion.
At the end of the trading day, the benchmark index of the local bourse also made a strong comeback, posting a 0.98 percent increase to reach 67,414.40 points.
The NGX’s closing statistics revealed that this positive turnaround was driven by renewed investor interest in Tier-1 banks such as ZENITHBANK (+0.74 percent), GTCO (+6.00 percent), and ACCESSCORP (+9.77 percent), which propelled the broader index into positive territory.
As a result of this upswing, the year-to-date (YTD) return for the market climbed to an impressive 31.54 percent.
Despite the rebound, a closer look at Wednesday’s market activities showed that trade turnover decreased compared to the previous session, with the total transaction value declining by 21.04 percent.
During the trading session, a total of 569.63 million shares, valued at N8.70 billion, changed hands in 8,404 deals. OANDO (+9.73 percent) led both the volume and value charts with 143.45 million shares traded, amounting to N1.40 billion.
Market breadth ended positively with a ratio of 2.08-to-1, indicating that advancing stocks outnumbered declining ones. DANGSUGAR (+10.00 percent) emerged as the leader among 26 advancing stocks, while COURTVILLE (-10.00 percent) led the table of 12 declining stocks.