The Nigerian exchange demonstrated resilience on Monday, bouncing back from last week’s downturn to register a significant gain of N101 billion.
The market, undeterred by recent setbacks, displayed renewed vigor as the All-Share Index and market capitalization surged by 0.18 percent, closing at 102,042.32 points and N55.836 trillion, respectively.
Amidst the positive momentum, the trading floor grappled with the tragic loss of Access Holdings’ Group Chief Executive Officer, Herbert Wigwe, in a helicopter crash in the United States.
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Despite the somber atmosphere, Access Holdings saw a decline of 6.26 percent, closing at N23.20 per unit. This downturn was mirrored by other market giants, including Transcorp Plc and Zenith Bank Plc.
The trading session witnessed a volume of 242.43 million equities, a slight dip from the previous day’s activity, but still reflective of substantial investor engagement. The value of stocks exchanged amounted to N5.12 billion across 8,715 deals, indicating sustained interest in the market.
Market breadth, a measure of investor sentiment, tilted positively as 33 equities gained ground while 23 incurred losses. Chams Holdings, NCR, and Royal Exchange emerged as top gainers, each recording a 10 per cent increase in value. Conversely, John Holt, PZ Cusson, and May&Baker faced setbacks, experiencing significant declines in share prices.
Sectoral performance remained mixed, with three of the five sub-indices closing in the green zone. The NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indexes posted gains, while the Banking and Industrial Goods sectors witnessed marginal losses.
Driving market activity were key players such as Access Holdings, VeritasKap, and Guaranty Trust Holding Company Plc, whose contributions underscored the market’s resilience and capacity for recovery.
Despite the somber backdrop of tragedy, the Nigerian exchange’s ability to rebound underscores its robustness and the unwavering confidence of investors in the country’s economic landscape.