Stock market gains N141bn

Trading at the Nigerian stock market, on Monday, May 27, 2024, started the week on a positive note, as all performance indices rose by 0.26 per cent.

The market capitalisation increased by N141 billion or 0.26 per cent to close at N55.359 trillion, as against N55.218 trillion posted previously.

The All-Share Index which opened at 97,612.51 also gained 0.26 per cent or 251 points to close at 97,863.34.

As a result, the ASI year-to-date (YTD) return rose to 30.88 per cent.

Demand for Tier-one banking stocks such as Zenith Bank, FBN Holdings and Guaranty Trust Holding Company (GTCO), United Bank For Africa (UBA), Fidelity Bank, as well as Guinness Nigeria, among other equities pulled the market performance up.

However, market breadth closed negative with 22 losers and 15 gainers on the floor of the Exchange.

On the losers’ table, Computer Warehouse Group (CWG) and Caverton led by 10 per cent each to close at N5.40 and N1.26 per share, respectively.

Stock market loses N84bn over sell-offs in banks, others

C&I Leasing lost 9.01 per cent to close at N3.13, FTN Cocoa Processors and RT Briscoe declined by 8.33 per cent each to close at N1.10 and 44k per share, respectively.

On the other hand, JohnHolt led by 9.60 per cent to close at N2.17, Fidelity Bank followed by 8.43 per cent to close at N9 per share.

Conoil rose by 8.36 per cent to close at 8.36 per cent to close at N105, Mutual Benefits added 7.69 per cent to close at 56k, and Jaiz Bank advanced by 6.02 per cent to close at N2.29 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 62.27 per cent.

A total of 366.98 million shares valued at N5.94 billion were exchanged in 8,031 deals, in contrast to 769.10 million shares valued at N15.74 billion exchanged in 7,585 deals recorded in the previous session.

Meanwhile, Access Corporation led the activity chart in volume and value with 176.23 million shares worth N2.99 billion, followed by FBN Holdings with 46.11 million shares valued at N978.71 million.

UBA sold 21.16 million shares worth N432.83 million, Fidelity traded 17.73 million shares valued at N156.16 million, and FTN Cocoa transacted 10.82 million shares worth N11.88 million shares.

The Star