NGX Ends 11-Day Losing Streak With N305bn Gain After FTSE Frontier Upgrade

The Nigerian equities market rebounded on Thursday, ending an 11-day consecutive losing streak with a N305 billion gain*, following FTSE Russell’s confirmation of Nigeria’s reclassification from ‘Unclassified’ to Frontier Market status.

The NGX All-Share Index advanced 0.20% to close at 239,156.09 points, pushing the year-to-date return to 53.69%. Similarly, market capitalization rose by N305 billion to close at N154.442 trillion.

The upturn was driven by gains in medium and large-cap stocks, including First Holdco, United Bank for Africa (UBA), Access Holdings, AXA Mansard Insurance and Abbey Bank.

Despite the index gain, investor sentiment remained negative as 39 decliners outpaced 19 advancers.

Top Gainers:

– Omatek Ventures led with a *9.60%* gain to close at *N1.37*

– *Cornerstone Insurance* rose *9.18%* to *N5.35*

– *AXA Mansard Insurance* gained *9.09%* to *N12.00*

– *Abbey Bank* climbed *6.25%* to *N8.50*

– *First Holdco* appreciated *4.65%* to *N135.00*

*Top Losers:*

– *Fidson Healthcare* led declines, falling *9.98%* to *N75.80*

– *International Energy Insurance* and *Learn Africa* both dropped *9.84%* to *N2.84* and *N8.70* respectively

– *Dara Communications* declined *8.61%* to *N1.38*

– *Legend Internet* fell *8.43%* to *N3.80*

*Trading Activity*

Total volume traded declined by *31.8%* to *499.96 million units*, valued at *N35.15 billion* in *40,323 deals*.

*Most Traded by Volume:*

1. *Zenith Bank* – 69.948 million shares worth *N8.201 billion*

2. *Access Holdings* – 45.369 million shares worth *N1.287 billion*

3. *GTCO* – 37.469 million shares valued at *N4.813 billion*

4. *Wapic Insurance* – 24.298 million shares worth *N49.366 million*

5. *Tantalizers* – 21.305 million shares valued at *N22.414 million*

*Cowry Assets Management Limited* said the market is expected to sustain its positive momentum as investor sentiment improves further on the back of the FTSE Russell reclassification.