The Nigerian Exchange (Equity Market) continued its recovery on Thursday, adding N577 billion to its market value, driven by strong buying interest in Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications.

The All-Share Index (ASI) rose by 1.05 percent, closing at 98,118.30 points, up from the previous close of 97,098.98 points. This increase pushed the year-to-date gain to 32.09 percent, the month-to-date gain to 0.38 percent, and the week-to-date gain to 0.41 percent.

The market capitalization also grew, ending the day at N55.709 trillion.

Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications were the top gainers, each recording a 10 percent increase in their share prices, closing at N18.70, N19.25, and N198, respectively.

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Investors traded a total of 791.78 million shares across 9,059 deals, with a total value of N15.126 billion.

While the volume of stocks traded decreased by five percent, the turnover increased by eight percent, and the number of deals fell by seven percent.

The market breadth remained positive, with 33 equities gaining and 19 equities experiencing declines in their share prices.

Access Holdings had the highest trading volume with 116 million shares, followed by Guaranty Trust Holding with 110 million shares, and Abbey Mortgage Bank with 50.7 million shares.

Unilever, Vitafoam and MTN Nig

This recovery followed a gain of N97 billion in the Nigerian equity market on Wednesday, which came after two consecutive days of losses.

The rebound was driven by the appreciation of stocks like Red Star Express, Oando, RT Briscoe, and 24 others.

On Wednesday, the ASI increased by 0.20 percent, closing at 97,098.98 points, up from the previous close of 96,928.52 points.

On a global scale, markets also experienced a broad recovery following a sharp decline earlier in the week.

According to Reuters, stocks rebounded after significant drops in the Dow and S&P 500 on Monday.