The Nigerian Exchange extended its recovery on Friday, as the All-Share Index (ASI) rose 674.61 points, or 0.28%, to 243,052.74.
The gain added about ₦437 billion to market capitalisation, which closed at ₦157.59 trillion.
Friday marked the second day of the market’s rebound after the sharp declines recorded on Tuesday and Wednesday. The ASI had fallen 1.17% on Tuesday and another 1.05% on Wednesday before recovering 0.06% on Thursday.
Trading was quieter on Friday, with 552.87 million shares worth ₦25.78 billion exchanged in 45,614 deals. This was a significant drop from the 1.4 billion shares traded on Thursday. Market breadth turned positive, with about 33 gainers against 24 losers.
Several mid-cap stocks recorded the biggest percentage gains. Abbey Mortgage Bank and UPDC REIT both gained the maximum 10%, while Omatek Ventures (+9.60%), Consolidated Hallmark Holdings (+9.06%), Chams (+8.90%) and eTranzact (+8.79%) also posted strong gains.
NGX Group was another standout, climbing 8.03% to ₦148.
Banks remained among the most actively traded stocks. Access Holdings rose 3.57% to ₦29, Fidelity Bank gained 1.60% to ₦19, and Wema Bank jumped 6.48% to ₦30.40.
However, participation across the larger banking names was uneven. GTCO slipped 0.08% to ₦129.80, while Sterling Financial Holdings was unchanged at ₦7.65.
Aradel Holdings recorded the highest value traded at approximately ₦5.15 billion, with 3.64 million shares changing hands. The stock edged up 0.07% to ₦1,414, following its sharp 10% decline on Thursday.
GTCO followed with ₦3.83 billion in traded value, while Fidelity Bank, Zenith Bank and First HoldCo also recorded significant activity.
In oil and gas, Seplat held at ₦14,907.80 after its 10% gain on Thursday, while Oando rose 5.92% to ₦34.
Friday's session suggests that the market is building on Thursday's rebound, rather than starting a new recovery from a fresh decline.
The positive breadth is encouraging, but the sharp fall in trading volume shows that Friday's advance came with less activity. Gains were also concentrated in selected stocks, while some major names such as Seplat, Airtel Africa and BUA Cement remained unchanged.
For investors, the key question next week is whether the rebound can attract stronger volume and broader participation from large-cap stocks. If that happens, the recovery from the early-week sell-off would have stronger confirmation. For now, Friday's move is a constructive follow-through, but not yet evidence of a fully established uptrend.
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