The Nigerian Exchange (NGX) staged a strong rebound on Thursday, snapping a week-long bearish run as renewed buying in banking and oil majors lifted key indicators.

The All-Share Index (ASI) advanced 0.31 percent to close at 141,149.04 basis points, raising the year-to-date return to 37.14 percent. Market capitalization climbed by N279.37 billion to N89.34 trillion.

Investor sentiment turned positive, with 33 gainers outpacing 22 decliners to produce a positive market breadth. Top gainers included Mecure Industries, Oando, McNichols Consolidated, Chams, and Legend Internet Services, while Eterna, Sovereign Insurance, The Initiates, Caverton Offshore Support Group, and Fidson Healthcare led the laggards.

Sector performance was mixed. The Banking Index gained 1.02 percent on strong demand for bellwethers such as Zenith Bank and Guaranty Trust Holding Company, while the Oil & Gas and Consumer Goods sectors advanced by 0.74 percent and 0.31 percent, respectively. The Insurance Index slipped 0.41 percent, while the Industrial and Commodity sectors closed flat.

Trading activity surged as investors executed fewer but larger deals. Total traded volume jumped 1,137.15 percent to 5.48 billion shares, while market value soared 2,373.24 percent to N419.73 billion. Despite the spike in turnover, the number of deals fell 8.34 percent to 20,399 transactions, suggesting a concentration of high-value trades.

Market watchers attributed the rally to bargain hunting and post-interest rate cut positioning, with investors taking advantage of recent price corrections to re-enter the market. Analysts noted that the banking and energy counters, which have remained resilient amid recent monetary easing, are likely to continue attracting inflows in the near term.

With Thursday’s rebound, the NGX appears to be regaining momentum after days of profit-taking, reinforcing expectations of sustained interest in financial and oil stocks as the final quarter of the year unfolds.

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