The Nigerian stock market bounced back on Monday, crossing the N90 trillion mark after days of pressure.
Strong gains in the banking and industrial goods sectors helped lift the Nigerian Exchange (NGX), while billionaire investor Femi Otedola added more shares in FirstHoldCo, the parent company of First Bank of Nigeria.
Market Recovers to N90 Trillion
Trading on September 29 saw the NGX climb by 0.17%, bringing the market capitalisation to N90.115 trillion, up from N89.960 trillion in the previous session. The All-Share Index (ASI) also gained 244.54 points, closing at 142,377.56 points.
The banking sector rose by 0.47%, while industrial goods climbed by 1.59%, driving the overall rebound. However, insurance (-3.43%), consumer goods (-0.58%), and energy (-0.51%) declined, while commodities ended flat.
Otedola Buys More First Bank Shares
One of the biggest highlights of the day came from Femi Otedola, who deepened his interest in FirstHoldCo with fresh purchases worth about N2 billion.
According to NGX filings, Otedola directly acquired 39.3 million shares at N31 per share (about N1.21 billion). In addition, Calvados Global Services Limited, a company linked to him, bought another 25.5 million shares at the same price, valued at N792.5 million.
These moves increased his direct stake to 3.25 billion shares (7.77%), while his indirect holdings through Calvados now stand at 3.49 billion shares (8.34%). Altogether, Otedola controls about 6.74 billion units, valued at roughly N209 billion at the current price.
Top Gainers and Losers
Some companies stood out in Monday’s trading:
- Top gainers: Thomas Wyatt Plc (+10.00%), SFS REIT (+10.00%), LivingTrust Mortgage Bank Plc (+9.90%), Eterna Plc (+9.86%), and Caverton Offshore Support Group (+9.28%).
- Top losers: AXA Mansard (-10.00%), University Press (-9.85%), Learn Africa (-9.72%), Julius Berger (-8.70%), and Cornerstone Insurance (-7.42%).
Market Activity
Investors exchanged 384 million shares worth N11.6 billion in 28,114 deals, which was lower in value and volume compared to last Friday but higher in the number of deals.
FirstHoldCo led the chart by volume with 47.5 million shares worth N1.47 billion, followed by Ellah Lakes, Veritas Kapital Assurance, Zenith Bank, and Chams Plc.