The Nigerian Exchange Limited began the month of May with a surge in market activity, as the All-Share Index appreciated by 0.55%, gaining 537.15 points to close at 98,762.78 points.
Investors witnessed a significant increase in market capitalization, gaining N300 billion as it closed at N55.85 trillion, up from N55.55 trillion recorded on April 30th, 2024.
This positive momentum comes after a challenging month where the market experienced a decline of 6.06%, resulting in equities losing N3.57 trillion in market capitalization. Today’s market performance can be seen as a breath of fresh air amidst recent setbacks.
The positive trend in today’s market is primarily attributed to the overall strong performance of banking stocks. Guaranty Trust Bank led the gains with a 7.03% increase, followed by First Bank of Nigeria Holding adding 1.10%, and Access Holding gaining 3.86%.
Notable gainers in today’s trading session included PRESCO and Flour Mills of Nigeria, which both gained 10%, followed by Sterling Holdco and Dangote Sugar, which gained 9.98% and 9.90% respectively.
Key Market Indices:
– NGX All Share Index: 98,762.78 points
– Previous ASI: 98,225.63 points
– % Day Change: +0.55%
– Day’s Lowest: 98,224.53 points
– Day’s Highest: 98,763.02 points
– % Year-to-Date (YTD): +32.08%
– Market Cap: N55.85 trillion
– Volume Traded: 665.18 million units
– Value: N5.54 billion
– Deals: 8,440
Top gainers included PRESCO (+10.00%), FLOURMILL (+10.00%), STERLINGNG (+9.98%), DANGSUGAR (+9.90%), FIDSON (+9.76%), and JAIZBANK (+9.74%).
Meanwhile, top losers included NASCON (-9.99%), UPL (-9.29%), OMATEK (-9.21%), NEIMETH (-9.09%), CUTIX (-7.74%), and CHAMS (-7.45%).
In terms of trading volume, ABBEYBDS led with 362.8 million units, followed by ACCESSCORP (+3.86%) with 54.47 million units, Veritas Capital Insurance (+6.78%) with 38.75 million units, Nigerian Breweries (+0.59%) with 31.21 million units, and TRANSCORP (+4.29%) with 26.62 million units.
In value terms, Access Holdings topped with N954.62 million, followed by ABBEYBDS with N907.05 million, Nigerian Breweries with N802.4 million, Zenith Bank with N518.1 million, and TRANSCORP with N377.4 million.
Stocks worth over one trillion recorded a slightly positive trading day, with GTCO (+7.03%) and ZENITHBANK (+2.02%) posting gains. However, other members of the category such as BUA Cement, BUA Foods, Dangote Cement, Seplat Energy, MTN Nigeria, Airtel Africa, Transcorp Power, and Geregu Power recorded no price changes.
Members of the FUGAZ category (First Bank, UBA, GTB, Access, and Zenith) posted a positive showing as FBN Holdings, UBA, and Access Holdings recorded gains of 1.10%, 4.6%, and 3.86% respectively.
The positive market sentiment reflects investor optimism and renewed confidence in the Nigerian stock market, signaling potential opportunities for growth and investment in the coming days.
