Equity market rebounds as investors gain N467bn

The Nigerian Exchange Limited (NGX) on Friday, May 3, 2024, recorded 28.14 per cent increase in the value of equity transactions, resulting in investors gaining N467 billion.

446.57 million shares valued at N7.10 billion were exchanged in 9,297 deals, in contrast to 665.20 million shares valued at N5.54 billion in 8,446 deals on Thursday.

The market capitalisation, which opened at N55.856 trillion, gained 0.83 per cent or N467 billion to close at N56.323 trillion.

The All-Share Index also added 0.83 per cent or 825 points to close at 99,587.25, as against 98,762.78 recorded in the previous session.

As a result, the Year-To-Date (YTD) return rose to 33.18 per cent.

Renewed interest in MTN Nigeria, alongside Tier-one banks, Presco Plc, UACN, and United Capital, among other leading stocks, sustained the market’s positive trend.

Investors gain N303bn at stock market

Market breadth also closed positive with 27 advanced equities outnumbering 20 declined ones.

On the gainers’ chart, Presco led by N22.90 to close at N252.80, Dangote Sugar followed closely by N4.25 to close at N47, while Ellah Lakes Plc gained 30k to close at N3.32 per share.

Jaiz Bank also advanced by 21k to close at N2.35 and Flour Mill rose by N3.25 to close at N36.80 per share.

Conversely, Conoil and Tantalizers led the losers chart by N10.80 and 4k each to close at N97.20 and 36k per share, respectively.

McNichols Plc lost 12k to close at N1.14, Linkage Assurance trailed by 9k to close at 86k, and Guinea Insurance shed 3k to close at 30k per share.

Meanwhile, Access Corporation led the activity chart in volume and value with 151.80 million shares worth N2.68 billion, followed by Veritas Kapital with 49.88 million valued at N30.91 million.

United Bank for Africa (UBA) traded 32.89 million worth N845.74 million, Universal Insurance sold 27.14 million shares valued at N9.76 million, and Transnational Corporation transacted 21.82 million shares worth N310.32 million.

The Star