Banks, insurance stocks boost equity market with N14bn

All-Share Index, Sell-offs, Stock market investors

The equity market closed on a positive note on Friday, May 31, 2024, increasing the market capitalisation by 0.02 per cent due to investors’ sentiment for banking, insurance and consumer stocks.

The market capitalisation, which opened at N56.158 trillion, rose by N14 billion or 0.02 per cent to settle at N56.172 trillion.

The All-Share Index also increased by 0.02 per cent or 24.4 points to close at 99,300.38, compared to 99,276.03 recorded on Thursday.

Consequently, the Year-To-Date (YTD) return advanced to 37.28 per cent.

Also, the market breadth closed positive with 23 gainers and 15 losers on the floor of the Exchange.

Gains in Fidelity Bank, FCMB, Guaranty Trust Holding Company (GTCO), Cornerstone Insurance, Consolidated Hallmark Holdings, Sovereign Trust Insurance, Nestle, and Honeywell Flour, among other advanced equities, pulled the market up.

Stock market capitalisation gains N259bn

On the gainers’ log, UPDC Real Estate Investment Trust led by 12k to close at N1.34, International Energy Insurance followed by 15k to close at N1.69 per share.

RT Briscoe gained 4k to close at 48k, Oando Plc added 90k to close at N11.80 and Cornerstone Insurance went up by 14k to close at N1.90 per share.

On the flip side, C&I Leasing led the losers’ log by 33k to close at N2.97, FTN Cocoa Processors trailed by 10k to close at N1.10 per share.

Livestock Feed Plc also dropped 12k to close at N1.65, Ellahlakes lost 17k to close at three Naira, while Chams shed 7k to close at N1.50 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 57.74 per cent.

A total of 434.00 million shares valued at N8.58 billion were exchanged in 8,525 deals, in contrast to 309.71 million shares valued at N5.44 billion exchanged in 7,035 deals posted in the previous session.

Meanwhile, Zenith Bank led the activity log-in volume and value with 111.13 million shares valued at 3.74 billion, AIICO followed by 59.11 million shares worth N59.09 million.

Access Corporation sold 43.41 million shares valued at N746.72 million, Fidelity traded 36.18 million shares worth N367.57 million, and GTCO transacted 24.16 million shares worth N965.71 million.

The Star