Good news for investors as stock market rebound adds N93bn

• The stock market on Tuesday rebounded from the previous session’s losses, pushing market capitalisation higher
• The gain was driven by renewed buying interest in select equities across key sectors
• Red Star Express, Deap Capital Management & Trust, and NPF Microfinance Bank were among the top gainers

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian stock market closed positively on Tuesday, January 21, 2025, driven by renewed investor interest in select equities, despite mixed performance across sectors.

At the close of trading, the NGX All-Share Index (ASI) rose by 144.33 points, or 0.09 per cent, to 166,256.83 points from 166,112.50 points.

While market capitalisation increased by N93.48 billion to N106.44 trillion from N106.34 trillion.

Sector performance gains were recorded, reflecting renewed buying interest in the market.

Top losers

• Aluminium Extrusion Industries fell from N19.10 to N17.20, losing N1.90 (–9.95%).
• Jaiz Bank declined from N8.00 to N7.21, shedding N0.79 (–9.88%).
• FTN Cocoa Processors dropped from N7.70 to N7.05, losing N0.65 (–8.44%).
• UPDC slipped from N6.20 to N5.70, down N0.50 (–8.06%).
• Caverton Offshore Support Group declined from N8.05 to N7.60, losing N0.45 (–5.59%).

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Top gainers

• Red Star Express rose from N14.50 to N15.95, gaining N1.45 (+10.00%).
• Deap Capital Management & Trust advanced from N4.90 to N5.39, adding N0.49 (+10.00%).
• NPF Microfinance Bank increased from N4.30 to N4.73, gaining N0.43 (+10.00%).
• NCR Nigeria jumped from N141.40 to N155.50, up N14.10 (+9.97%).
• Morison Industries rose from N6.22 to N6.84, gaining N0.62 (+9.97%).

Most active stocks

A total of 795.46 million shares worth N19.98 billion were exchanged in 45,390 deals.

• Tantalizers led activity with 86.96 million shares valued at N300.92 million.
• Secure Electronic Technology traded 74.15 million shares worth N87.56 million.
• Zichis Agro Allied Industries exchanged 69.60 million shares valued at N138.50 million.
• Zenith Bank recorded 49.10 million shares worth N3.53 billion.
• GTCO traded 39.05 million shares valued at N3.79 billion.

Research ranks Zenith Bank PLC shares

Earlier, Legit.ng reported that Zenith Bank Plc continues to reinforce its position as one of Nigeria’s most resilient and fundamentally strong financial institutions, with recent research by Renaissance Capital Africa (Rencap) highlighting significant upside potential in both valuation and shareholder returns.

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Following a comprehensive review of the Nigerian banking sector, Renaissance Capital Africa Research identified Zenith Bank as a top conviction pick, reflecting renewed confidence in the Bank’s balance sheet strength, earnings quality, and long-term value proposition.

Despite the strong performance of the NGX Banking Index in recent periods, Rencap believes Zenith Bank’s current market valuation does not yet fully reflect its improving fundamentals, leaving room for further upside.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng