NGX Rebounds by N30bn Amid SEC's Capital Requirement Drive

The Nigerian Stock Exchange (NGX) witnessed a rebound of N30 billion in market capitalization as investors gained amid the Securities and Exchange Commission's (SEC) drive for higher minimum capital requirements. The market closed with an overall positive performance, with the All-Share Index (ASI) advancing by 0.04%.

Red Star Express (NGX: REDSTAREX) emerged as the top gainer, followed by NCR Nigeria and SCOA. On the downside, McNichols (NGX: MCNICHOLS) and Legend Internet (NGX: LEGENDINT) experienced declines.

Trading activity weakened during the session, with a total volume of 539.9 million shares traded worth N16.7 billion. Zenith Bank (NGX: ZENITHBANK) recorded the highest trading activity.

SEC's announcement of new minimum capital thresholds for the capital market also impacted market sentiment.