The local equities market showed signs of stabilization today, gaining 15 basis points to settle at 104,376.73 points, a modest rebound following Monday’s sharp selloff. Today’s performance hints at a tentative recovery, with bargain hunting in the banking sector providing some much-needed support.
Despite the rebound, losses persisted in some stocks, including Transcorp (-4.75%), NAHCO (-9.94%), Dangote Sugar (-2.60%), WAPCO (-0.83%), NEM Insurance (-9.92%), Custodian (-5.56%), and UACN (-6.90%), which kept the market in check.
However, tier-one banks led the charge higher, with Zenith Bank (+3.30%), First HoldCo (+3.70%), UBA (+2.64%), Access Holdings (+2.19%), and GTCO (+0.69%) all recording gains. Additional support came from Fidelity (+2.49%), Sterling Bank (+6.85%) and ETI (+1.36%) all trading higher.
Market turnover closed at ₦10.1 billion ($6.5 million), with significant trading activity in GTCO, Access Holdings, Zenith Bank, UBA, and Presco. Year-to-date, the index is up by +1.41%. With bargain hunters gradually returning to the market, we anticipate a continuation of this trading pattern into the next session.