GTCO, Zenith Bank, FBN Holdings raise stock market by N147bn

The Nigerian stock market witnessed a significant boost in performance on Friday, March 22, 2024, propelled by gains in tier-one banks such as Guaranty Trust Holding Company (GTCO), Access Corporation, Zenith Bank, and First Bank of Nigeria (FBN) Holdings, among others.

Investors gained a total of N147 billion or 0.25 per cent, leading the market capitalisation to rise from N59.021 trillion to close at N59.168 trillion.

The All-Share Index also saw an increase of 0.25 per cent or 260 points, closing at 104,647.37 compared to the previous day’s figure of 104,387.47.

The Year-To-Date (YTD) return equally rose to 39.95 per cent.

Market breadth remained positive with 34 gainers and 14 losers recorded during the trading session.

Secured Electronic Technology Plc (NSLTECH) emerged as the top gainer, rising by 10 per cent to close at 55 kobo per share.

Juli Pharma followed with a gain of 9.93 per cent to close at N7.86 per share.

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Other notable gainers include Daar Communications, which added 9.84 per cent, The Initiative Plc (TIP) rose by 9.72 per cent, and NEM Insurance grew by 9.66 per cent.

However, Ikeja Hotel and PZ Cussons Nigeria led the losers’ table, each declining by 10 per cent to close at N4.48 and N36 per share, respectively.

Abbey Mortgage Bank Plc declined by 9.84 per cent, Sovereign Trust shed 6.38 per cent, and International Energy Insurance dropped by 5.66 per cent.

Analysis of market activities revealed a higher trade turnover compared to the previous session, with the value of transactions increasing by 53.32 per cent.

A total of 505.19 million shares valued at N14.24 billion were exchanged in 9,574 deals, with Access Corporation leading in volume and GTCO leading in value.

Access Corporation traded 75.78 million shares valued at N1.82 billion, followed closely by FBN Holdings with 75.09 million shares worth N2.99 billion.

GTCO also sold 64.12 million shares valued at N3.12 billion, Zenith Bank transacted 47.66 million shares worth N1.92 billion, and Fidelity Bank traded 37.53 million shares worth N377.05 million.

The Star