Stock market capitalisation rises as investors gain N294bn

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

Sustained interest in medium and large capitalised stocks, as well as Tier-one banking stocks, drove the Nigerian Exchange Limited (NGX) market capitalisation up by 0.53 per cent on Tuesday, May 28, 2024.

The market capitalisation, which began at N55.359 trillion, increased by N294 billion to close at N55.653 trillion.

The All-Share Index also rose by 0.53 per cent or 520 points to end at 98,383.04, compared to 97,863.34 recorded on Monday.

Consequently, the Year-To-Date (YTD) return increased to 31.57 per cent.

Gains in Dangote Sugar, Transnational Corporation, Axa Mansard, PZ, Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, and other top-performing equities propelled the market into positive territory.

Market breadth remained positive with 28 gainers and 14 losers.

Dangote Sugar led the gainers’ table with a 10 per cent increase to close at N42.90, followed by Morison Industries Plc, and National Salt Company, each rising by 9.88 per cent to close at N4.45 and N37.25 per share, respectively.

Stock market gains N141bn

PZ appreciated by 9.60 per cent to close at N21.70, while Transnational Corporation added 8.57 per cent to close at N11.40 per share.

On the flip side, Sovereign Trust Insurance topped the losers’ chart with a 9.52 per cent decline to close at 38k, followed by Universal Insurance with an 8.33 per cent drop to close at 33k per share.

Abbey Mortgage Bank Plc led the volume chart with 277.53 million shares worth N682.72 million, while Access Corporation followed with 81.34 million shares valued at N1.39 billion.

FBN Holdings traded 31.51 million shares worth N683.95 million, UBA transacted 21.98 million shares worth N458.45 million, and Zenith Bank sold 13.83 million shares worth N429.57 million.

Analysis of market activities showed a higher trade turnover relative to the previous session, with the value of transactions up by 10.85 per cent.

A total of 559.61 million shares valued at N6.58 billion were exchanged in 7,990 deals, compared to 366.98 million shares valued at N5.94 billion exchanged in 8,031 deals in the previous session.

The Star