Nigerian Stock Market Gains N411bn Driven by HBM Nigeria

On October 20, the Nigerian stock market experienced a rebound, with investors renewing their buying interest in HBM Nigeria Plc and 26 other stocks, resulting in a market capitalization increase of N411 billion, closing at N159.67 trillion. The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 0.26 percent to end at 245,911.13 basis points, enhancing its year-to-date return to 58.03 percent.

The positive market sentiment was driven by price appreciation in large and medium capitalized stocks, including HBM Nigeria, NASCON Allied Industries, Unilever Nigeria, Custodian Investment, and ABC Transport. There were 27 advancers compared to 21 decliners.

Austin Laz and Company was the highest price gainer, increasing by 9.97 percent to close at N3.53 per share. ABC Transport followed with a 9.92 percent gain, closing at N6.65, while Cutix rose by 9.91 percent to N2.33.

Conversely, Livestock Feeds led the losers with a 9.76 percent decline, closing at N17.10.