Nigerian equities rally despite negative market breadth as naira appreciates further

The Nigerian equity market concluded Thursday’s trading session with a promising surge, showcasing resilience amidst prevailing market dynamics.

The All Share Index recorded an uptick, recording a 0.13 percent increase to reach a closing figure of 104,387.47 points.

This upward momentum propelled the market cap of equities listed on the NGX to an impressive N59.022 trillion, marking a notable ascent from the preceding N58.948 trillion.

Trading activities painted a picture of robust participation, with a total volume of 336.816 million units exchanging hands, amounting to a value of N9.29 billion across 8,790 deals.

Despite the overall positive sentiment, market breadth leaned slightly towards the negative side, with 22 gainers in contrast to 29 losers.

The NGX 30 Index, a benchmark indicator of market performance, demonstrated resilience with a 0.28 percent increase, settling at 3,876.16 points compared to the previous close of 3,865.20 points.

Noteworthy movers in the today’s session included Transcorp and Zenith, emerging as key gainers, while FBNH and Lafarge Africa experienced some downward pressure as key losers.

In financial spheres, overnight rates witnessed a modest uptick, closing at 27.32 percent, reflecting a 0.74 percent increase from the previous close.

Similarly, the Open Repo (OPR) rate edged higher by 0.76 percent to conclude at 26.43 percent, signaling a dynamic shift compared to the prior day’s figures.

On the foreign exchange front, the Naira exhibited strength at the I&E FX market, where it appreciated against the dollar.

The exchange rate quoted the dollar at N1,453.28, showcasing a notable improvement from the previous close of N1,492.61.

Thursday’s market performance underscores the resilience and adaptability of Nigerian equities amidst evolving economic landscapes, offering investors a glimpse of optimism amid prevailing challenges.