Nigeria's equities market staged a strong recovery on Friday, snapping its bearish streak and delivering impressive returns to investors. The rally saw market participants gain N3.24 trillion in value during the session.
All-Share Index climbed 5,041.22 points, or 2.10 percent, closing at 244,775.83. It had finished the previous session at 239,734.61.
Year-to-date returns now stand at 57.30 percent. Market breadth also turned positive with 45 gainers outpacing 31 losers.
Dangote Cement topped the winners, rising 10 percent to N1,088 per share. Cadbury, Mecure, Neimeth, and Livingtrust Mortgage each gained the same percentage, closing at N72.60, N72.60, N9.90, and N3.52 respectively.
UACN and Industrial and Medical Gases led declines, both dropping 10 percent. UACN ended at N171 while Industrial and Medical Gases finished at N42.30 per share.
Eterna fell 9.93 percent to N33.55. Learn Africa shed 9.89 percent, settling at N8.20, while Deap Capital Management lost 9.69 percent to N5.50.
Trading activity weakened considerably during the day. Total volume exchanged fell 36.89 percent to 1.16 billion shares worth N59.80 billion across 72,733 transactions.
Access Corporation was the most actively traded stock by volume with 104.43 million shares, representing 9.04 percent of daily turnover. MTN Nigeria dominated in value terms with N7.39 billion in trades, accounting for 12.35 percent of total value.
