The Nigerian Stock Exchange (NSE) rebounded on Thursday, August 29, 2024, recovering from the previous day’s losses with a substantial gain of N117 billion. This positive movement lifted the market capitalisation by 0.21%, closing at N55.4 trillion, while the All-Share Index (ASI) rose to 96,407.88 points.
Investors were active in the market, exchanging 966.97 million shares worth N7.42 billion across 9,851 deals. This marked a significant increase in market activity, with trading volume surging by 117% and turnover rising by 64% compared to the previous session.
A total of 123 stocks were traded during the day, with 27 equities gaining value and 23 recording losses.
Top Gainers and Losers
Oando Plc led the pack of gainers, posting a 9.98% increase to close at N69.95 per share. Julius Berger Nigeria and Cornerstone Insurance also saw notable gains, rising by 9.97% and 9.88%, respectively.
On the downside, SCOA Nigeria suffered the steepest decline, dropping 9.79% to close at N1.75 per share. Japaul Gold and Ventures followed with a 7.41% loss, ending at N2.50, while Tantalizer and Fidson Healthcare declined by 6.76% and 5.45%, closing at 69 kobo and N13.00 per share, respectively.
Trading Volume Leaders
In terms of trading volume, Consolidated Hallmark Insurance stood out, with 506 million shares traded, making it the most active stock of the day. FBN Holdings and Access Holdings also saw significant trading activity, with 64.1 million shares and 46.9 million shares changing hands, respectively.
The market’s recovery on Thursday followed a loss of N176 billion on Wednesday, where the All-Share Index had declined by 0.32% to 96,203.65 points from its previous close of 96,510.12 points. The bounce-back reflects renewed investor confidence and suggests a positive outlook for the market as it approaches the end of the trading week.
