Dangote Cement, FBN Holdings, and other contributors have boosted the equity market by N53 billion.
The equity market experienced a recovery on Thursday, reversing the losses from the previous session with an increase of N53 billion.
Investor enthusiasm for major stocks, including Dangote Cement, FBN Holdings, Guaranty Trust Holding Company (GTCO), and Fidelity Bank, along with other rising equities, played a significant role in this positive market movement.
Market capitalization rose by N53 billion, or 0.09 percent, moving from N62.257 trillion at the start to N62.310 trillion at the end of the trading day. Similarly, the All-Share Index (ASI) increased by 0.09 percent, adding 87.11 points to finish at 102,183.06, up from 102,095.95 recorded on Wednesday.
This performance brought the Year-To-Date (YTD) return to 0.72 percent. However, despite the overall gains, the market breadth remained negative, with 35 stocks advancing against 26 declining.
On the downside, Livestock Feeds led the losers, dropping 60 kobo to close at N5.40, while Eunisell fell by N1.73 to end at N15.63 per share. Neimeth International Pharmaceutical and Regal Insurance each lost 7 kobo, closing at N3.12 and 68 kobo per share, respectively, while Honeywell Flour decreased by 94 kobo to finish at N9.21 per share.
Conversely, North Nigerian Flour Mill topped the gainers' list, rising by N4.95 to close at N54.45, followed by Dangote Sugar, which gained N3.65 to end at N40.50 per share. John Holt increased by 83 kobo to close at N9.30, The Initiate Plc added 25 kobo to finish at N2.80, and Omatek rose by 8 kobo to close at 90 kobo per share.
Trade turnover was notably higher compared to the previous session, with transaction values increasing by 76.82 percent. A total of 472.16 million shares worth N16.70 billion were traded across 12,336 deals, compared to 435.54 million shares valued at N9.44 billion in 12,098 deals from the prior session.
GTCO led the trading activity in both volume and value, with 65.05 million shares valued at N3.77 billion.