NGX Rebounds as Market Cap Gains N306bn, ASI Rises 0.20 Percent

• The NGX reversed the previous session’s decline, with the All-Share Index gaining 0.20 percent to 239,156.09 points, while market capitalisation rose by N306 billion to N154.442 trillion.

• Market breadth remained weak despite the rebound, with 20 equities gaining against 39 decliners.

• Omatek, Cornerstone Insurance and Mansard Insurance led the gainers with increases of 9.80 percent, 9.18 percent and 9.09 percent, while Fidson Healthcare fell 9.98 percent to lead the decliners.

August 27, () — The Nigerian Exchange Limited (NGX) closed higher on Thursday, reversing the previous session’s decline as the market’s benchmark index gained 0.20 percent.

The NGX All-Share Index (ASI) opened at 238,682.92 points and rose to 239,156.09 points at the close, representing a gain of 473.17 points.

Similarly, market capitalisation increased from N154.136 trillion at the opening to N154.442 trillion, adding approximately N306 billion to investors’ wealth.

However, the positive movement in the benchmark index came amid weak market breadth, as 20 equities appreciated in price while 39 declined, showing that selling pressure remained widespread across the market.

Top five gainers

• Omatek Ventures Plc emerged as the best-performing stock of the session, gaining 9.80 percent (from N1.25 to N1.37).
• Cornerstone Insurance Plc followed with a 9.18 percent increase (moving from N4.90 to N5.35).
• Mansard Insurance Plc rose 9.09 percent (from N11.00 to N12.00).
• Abbey Mortgage Bank Plc advanced 6.25 percent (moving from N8.00 to N8.50).
• FirstHoldCo Plc rounded off the top five gainers, appreciating 4.65 percent (from N129.00 to N135.00).

Top five decliners

• On the decliners’ side, Fidson Healthcare Plc recorded the largest loss, shedding 9.98 percent (from N84.20 to N75.80).
• International Energy Insurance Plc followed with a 9.84 percent decline (falling from N3.15 to N2.84).
• Learn Africa Plc also dropped 9.84 percent (moving from N9.65 to N8.70).
• Daar Communications Plc declined 8.61 percent (from N1.51 to N1.38).
• Legend Internet Plc completed the top five decliners, losing 8.43 percent (from N4.15 to N3.80).

The contrasting movement between the benchmark index and market breadth points to a cautious trading environment.

Although gains in selected stocks were sufficient to lift the ASI and market capitalisation, the higher number of decliners indicates that bearish sentiment remained dominant across a broader section of the market.

Among the stocks that closed unchanged were MTN Nigeria Communications Plc, HBM Nigeria Plc, U A C N Plc, Julius Berger Plc and Champion Breweries Plc, alongside others.

The session therefore ended with a modest recovery in the overall market, but the breadth of the decline suggests that investors remain selective in their positioning as trading continues.