Nigerian Stock Market Rebounds, Gains N1.47 Trillion

On October 23, the Nigerian stock market experienced a rebound, ending a two-day losing streak. The benchmark NGX All-Share Index (ASI) rose by 0.92%, closing at 247,222.27 points, up from 244,956.94 points in the previous session.

This rally increased the market capitalization by approximately N1.47 trillion, with a year-to-date return of 58.87%. Major contributors to this recovery included Dangote Cement and First HoldCo, both gaining 10%.

Fidelity Bank also saw a rise of 9.09%. Despite the positive performance of the benchmark index, market breadth was negative, with 23 equities advancing against 25 decliners.

Trading activity increased significantly, with total volume rising by 69.56% to 611.68 million shares valued at N23.14 billion across 33,585 deals. Multitrex led trading by volume, with approximately 246.79 million shares exchanged.

Additionally, the Securities and Exchange Commission approved the initial public offering for Dangote Petroleum Refinery and Petrochemicals FZE, which could raise roughly N2.15 trillion if fully subscribed.