Nigeria's stock market rebounded yesterday with renewed buying interest lifting market capitalisation by N328 billion, according to NGX data. The NGX All-Share Index gained 0.20 per cent to close at 252,366.8 basis points, strengthening its year-to-date return to 62.18 per cent. Market capitalisation expanded to N163.86 trillion as investors showed sustained appetite for equities across the market.
Price appreciation in large and medium capitalised stocks drove the positive performance. Seplat Energy led alongside 25 other gainers. Fidson Healthcare topped the gainers' chart, rising 9.94 per cent to close at N91.80 per share, followed by Sunu Assurance which gained 9.92 per cent to N2.88, and Champion Breweries which appreciated by 9.85 per cent to N11.15 per share. Caverton Offshore Support Group rose 9.59 per cent to N4.00, while Fortis Global Insurance gained 9.42 per cent to N1.51 per share.
Market sentiment remained bullish overall, with 26 advancers outweighing 21 decliners, producing positive market breadth. On the negative side, International Breweries led the losers' chart by falling 7.18 per cent to N8.40 per share. Tantalizer declined 6.67 per cent to N3.50, Honeywell Flour Mills fell 4.85 per cent to N31.40, Vitafoam Nigeria dropped 4.66 per cent to N134.90, and Austin Laz & Company depreciated 3.48 per cent to N2.22 per share.
Trading activity surged significantly, with total volume increasing by 596.70 per cent to 2.915 billion units valued at N78.664 billion across 28,318 deals. Livestock Feeds topped the activity chart with 2.2 billion shares worth N19.470 billion. First Holdco followed with 324.335 million shares valued at N32.400 billion, while VFD Group traded 137.501 million shares valued at N1.609 billion.
Looking ahead, Cowry Assets Management Limited said sustained buying interest, improving market breadth and increased trading volumes could reinforce near-term bullish momentum, though selective profit-taking and weakness in consumer goods stocks may temper further gains.
For investors and savers, the market's year-to-date return of 62.18 per cent shows significant gains for equity holders, though the warning of potential profit-taking suggests caution may be warranted in the near term.