The Nigerian stock market rebounded on Wednesday, August 6, ending a two-day losing streak as renewed buying interest in large-cap stocks lifted the benchmark index and added N70.62 billion to investors' wealth.
Market closes higher despite negative breadth
Data from the Nigerian Exchange (NGX) showed that gains in bellwether stocks, including FIRSTHOLDCO, Nestlé, and Wema Bank, outweighed widespread profit-taking across several sectors, helping the market close in positive territory despite more decliners than gainers.
At the close of trading, the NGX All-Share Index (ASI) edged up by 0.04% to 244,912.24 points from 244,802.83 points recorded in the previous session. The market's year-to-date return improved to 57.39% after investors gained approximately N70.62 billion in market capitalisation.
Sector performance and top gainers
The market closed marginally higher as buying interest in selected large-cap stocks offset broad-based selling pressure. Although market breadth remained negative, gains in heavyweight stocks were enough to lift the benchmark index.
Top gainers included Linkage Assurance (LINKASSURE), which rose from N1.61 to N1.77, gaining N0.16 (9.94%). Associated Asset Management (AVACAP) advanced from N9.95 to N10.90, adding N0.95 (9.55%). FTN General Insurance (FTGINSURE) increased from N2.60 to N2.80, up N0.20 (7.69%). McNichols Plc climbed from N5.45 to N5.85, gaining N0.40 (7.34%). Wapic Insurance rose from N2.36 to N2.49, adding N0.13 (5.51%).
Top losers and trading activity
On the downside, Honeywell Flour Mills (HONYFLOUR) declined from N18.10 to N16.30, shedding N1.80 (9.94%). PZ Cussons Nigeria fell from N83.00 to N74.75, down N8.25 (9.94%). Zochis (ZICHIS) dropped from N23.00 to N20.76, losing N2.24 (9.74%). Learn Africa slipped from N10.40 to N9.40, down N1.00 (9.62%). Neimeth International Pharmaceuticals declined from N9.00 to N8.25, shedding N0.75 (8.33%).
Market activity weakened during the session as investors traded 824.06 million shares worth N25.47 billion in 48,114 deals. FCMB led the activity chart with 369.24 million shares valued at N4.07 billion. FIRSTHOLDCO followed with 43.47 million shares worth N5.68 billion, making it the most valuable stock traded during the session. CHAMS recorded 46.68 million shares valued at N201.82 million. Access Holdings traded 29.81 million shares worth N777.95 million. Linkage Assurance exchanged 19.55 million shares valued at N33.51 million.
Femi Otedola's net worth rises again
Earlier, Legit.ng reported that Femi Otedola, Chairman of First HoldCo Plc, has deepened his hold over Nigeria's most valuable banking stock after buying an additional 680.8 million shares through a private placement, pushing his ownership to 20.42% and lifting the market value of his stake to roughly N1.05 trillion.
The acquisition was completed at N44 per share, a price below the company's July 18 closing figure of N61, according to market sources familiar with the deal. Total spending on the new shares came to about N30 billion, with Otedola and one other institutional investor together taking up approximately 90% of the N45 billion placement.
