The Nigerian stock market opened the first trading session of the month on a positive note on Monday, December 2, 2024, gaining N138 billion in market capitalisation.
Demand for Tier-One banking stocks, including Zenith Bank, United Bank for Africa (UBA), and Access Corporation, alongside equities such as Transnational Corporation and PZ, drove the market’s rebound from the previous session’s losses.
The Nigerian Exchange Limited (NGX) market capitalisation increased by N138 billion, or 0.23 per cent, closing at N59.245 trillion from an opening value of N59.107 trillion.
The All-Share Index (ASI) also rose by 0.23 per cent, or 227 points, to close at 97,733.86, up from 97,506.87 recorded on Friday.
The Year-To-Date (YTD) return also improved to 30.71 per cent.
Market breadth closed on a positive note, with 36 gainers compared to 25 losers.
On the gainers’ table, Abbey Mortgage Bank, Africa Prudential, while WAPCO led by 10 per cent each to close at N2.64, N9.90 and 63.80 per share, respectively.
VFD Group also rose by 9.88 per cent to close at N44.50, while Sovereign Trust Insurance gained 9.59 per cent to close at 80k per share.
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On the other side, E-Tranzact led the losers’ table by 10 per cent to close at N6.75, and NCR Nigeria trailed by 9.92 per cent to close at N4.27 per share.
FTN Cocoa Processor also lost 8.29 per cent to close at N1.77, Honeywell Flour shed 5.92 per cent to close at N4.45, while NPF Microfinance Bank dropped 4.46 per cent to close at N1.50 per share.
Analysis of the stock market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 32.70 per cent.
A total of 451.17 million shares valued at N10.15 billion were exchanged in 9,329 deals, compared with 515.49 million shares worth N15.08 billion traded in 7,554 deals, posted in the previous session.
Japaul Gold led the activity chart in volume with 72.0 million shares, while UBA led in value of deals worth N2.23 billion.
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