Stock Market Shows First Gain of the Week, Driven by Oando and Other Advancers

After a string of disappointing closes, the Nigerian stock market rebounded on Tuesday, recording its first gain of the week.

This positive shift was largely driven by advances from key players such as Oando Plc and other prominent stocks.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 0.12%, climbing from 95,779.79 points to 95,895.92 points.

Market capitalization saw a corresponding increase, reaching N54.448 trillion, up from the previous day’s N54.381 trillion.

The day’s trading saw investors gain N67 billion, which helped to reduce the week’s negative return to -1.24% and the month’s return to -1.50%. Year-to-date (YtD) returns, however, saw an improvement, rising to +28.25%.

Oando Plc led the charge, with its share price jumping from N39.40 to N43.30, a rise of N3.90 or 9.90%.

This surge played a crucial role in the overall market recovery.

Other notable advancers included Learn Africa, which saw its share price increase from N3.52 to N3.87, marking a 9.94% gain. Cutix also experienced a boost, rising from N2.64 to N2.90, a 9.85% increase.

Also, RT Briscoe’s shares moved up from N1.87 to N2.05, a 9.63% gain, and University Press saw its share price climb from N2.45 to N2.66, an 8.57% rise.

The market’s recovery came ahead of the Central Bank of Nigeria’s (CBN) scheduled Treasury Bills (T-Bills) Primary Market Auction (PMA) on Wednesday, August 21.

The auction will involve rolling over existing T-Bills totaling N409.98 billion, including N60.69 billion in 91-day instruments, N66.25 billion in 182-day instruments, and N283.04 billion in 364-day instruments.

Sector performance on Tuesday was varied. The NGX Banking Index rose by 0.44%, the NGX Oil & Gas Index increased by 0.43%, and the NGX Insurance Index edged up by 0.23%.

In contrast, the NGX Consumer Goods Index experienced a slight dip of 0.08%. The NGX Industrial Index saw a marginal increase of 0.02%.

In total, 1,013,950,890 shares were traded across 8,295 deals, with a total value of N7.687 billion. The positive performance of key stocks suggests renewed investor confidence, potentially setting the stage for further gains in the coming days.

The stock market’s modest recovery on Tuesday provides a hopeful outlook for investors who have faced a challenging period.

As the market adjusts to new developments, including the upcoming T-Bills auction and ongoing economic conditions, stakeholders will be closely watching for further trends and opportunities.