The Nigerian Exchange (NGX) rebounded on Friday, October 23, with the All-Share Index climbing 0.92% to 247,222.27 points, ending a two-day losing streak and boosting market capitalisation by approximately N1.47 trillion.
Market Rebounds After Two-Day Slide
The benchmark NGX All-Share Index (ASI) closed at 247,222.27 points, up from 244,956.94 points in the previous session. The rally lifted the market's year-to-date return to 58.87%, according to trading data reported by Legit.ng.
Dangote Cement and First HoldCo led the recovery, each gaining 10%. Fidelity Bank advanced by 9.09%, while Wema Bank, CAP Plc, TIP and Dangote Sugar also recorded gains during the session.
Top Gainers and Losers on NGX
Despite the positive benchmark performance, market breadth remained negative, with 23 equities advancing against 25 decliners. Among the 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%.
On the losing side, 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 Surges
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. 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.
The rebound comes as the Securities and Exchange Commission (SEC) 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.
