See more as after two days of losses, Nigerian stock market makes a strong comeback

• The Nigerian stock market rose by 0.92% on Friday, ending a two-day losing streak as the All-Share Index climbed to 247,222.27 points
• Dangote Cement and First HoldCo gained 10% each, helping lift market capitalisation by approximately N1.47 trillion
• Trading volume increased by 69.56% to 611.68 million shares, while Livestock Feeds led the decliners with a 9.79% loss

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks and general market trends.

The Nigerian stock market rebounded on Friday, October 23, ending its two-day losing streak as renewed buying interest in major stocks lifted market performance.

The benchmark NGX All-Share Index (ASI) rose by 0.92% to close at 247,222.27 points, up from 244,956.94 points recorded in the previous session.

The rally increased the market’s capitalisation by approximately N1.47 trillion, while its year-to-date return strengthened to 58.87%.

Dangote Cement and First HoldCo led the recovery, gaining 10% each, while Fidelity Bank advanced by 9.09%. Wema Bank, CAP Plc, TIP and Dangote Sugar also recorded gains during the session.

Despite the positive performance of the benchmark index, market breadth remained negative, with 23 equities advancing against 25 decliners.

NGX top gainers

• Dangote Cement rose from N1,010 to N1,111, gaining N101 or 10%.
• First HoldCo advanced from N131 to N144.10, adding N13.10 or 10%.
• Guinea Insurance climbed from N0.85 to N0.93, gaining N0.08 or 9.41%.
• Fidelity Bank increased from N22 to N24, adding N2 or 9.09%.
• FTN Cocoa Processors rose from N7.50 to N7.92, gaining N0.42 or 5.60%.

NGX top losers

• Livestock Feeds fell from N18.90 to N17.05, losing N1.85 or 9.79%.
• Tripple Gee declined from N3.09 to N2.82, shedding N0.27 or 8.74%.
• UPDC Real Estate Investment Trust dropped from N19.05 to N17.50, losing N1.55 or 8.14%.
• HBMNG fell from N379 to N350, shedding N29 or 7.65%.
• Neimeth International Pharmaceuticals declined from N7.60 to N7.10, losing N0.50 or 6.58%.

Trading activity increases on NGX

Trading activity strengthened during the session, 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, representing a significant portion of the day’s activity.

Livestock Feeds followed with 46.84 million shares traded, valued at approximately N875.57 million. Lasaco Assurance recorded 23.82 million shares, while Sovereign Trust Insurance traded 21.54 million shares.

Dangote Refinery IPO: Steps to buy shares

Earlier, Legit.ng reported that The Securities and Exchange Commission has approved the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering, clearing the way for Nigerians and other eligible investors to buy into one of Africa's biggest industrial projects.

The regulator approved the offer of 4.1 billion ordinary shares at N525 each, a transaction that could raise roughly N2.15 trillion if fully subscribed.

The SEC also registered the refinery's existing 120.13 billion ordinary shares.

Source: Legit.ng