Nigerian Stock Market Gains N208 Billion Amid Caution

On October 9, the Nigerian stock market experienced a rebound, gaining N208 billion in market capitalisation, which closed at N161.260 trillion. The All-Share Index (ASI) increased by 321.05 points, or 0.13 percent, to finish at 248,363.55 points.

This recovery was attributed to price appreciation in large and medium capitalised stocks, including MTN Nigeria Communications, CAP, Oando, Unilever Nigeria, and Livestock Feeds. Despite the upturn, market breadth was negative, with 22 gainers compared to 31 losers.

Regency Alliance Insurance was the highest price gainer, rising by 10 percent to close at 77 kobo per share, followed by Livestock Feeds with a 9.58 percent increase to N13.15. Conversely, Red Star Express led the losers with a 9.76 percent decline to N13.40.

Trading activity weakened, with total volume down by 34.5 percent to 322.04 million units and transaction value decreasing by 46.1 percent to N20.50 billion. APT Securities & Funds Limited noted that the session was marked by cautious bullish sentiment amid reduced market participation.