Two members of Dangote Group, Dangote Sugar Refinery and National Salt Company posted cumulative equity gains of N59.33 billion, as the Nigerian Exchange continued its bullish run, gaining 0.44% during the day.
The All-Share Index of the NGX closed at 98,818.04, marking a 435.00-point increase from yesterday’s 98,383.04 points.
The market capitalization also appreciated by N246 billion as it hit N55.900 trillion, up from Tuesday’s N55.654 trillion.
There was a slight decline in market activities on May 29, 2024, as the number of deals hit 7,781 from yesterday’s 7,990. In terms of turnover volume, there was a slight decline to 519.948 million shares, from yesterday’s 559.609 million shares.
Since the ascension of President Tinubu into office on May 29, 2023, the NGX has gained 77%, as its ASI moved from 55,738.35 points as of May 30, 2023, to close at 98,818.04 points on May 29, 2024.
Also, this week, the NGX has been on its best run since March 2024, as the market has gained 1.24%, after closing with 0.11% losses in the two previous weeks.
Market Highlights
The market breadth was positive, as there were 31 gainers compared to 15 losers during the day.
- The gainers in the market were led by Abbey Mortgage Bank which gained 9.76%, National Salt Company gained 9.66%, and FCMB gained 9.63%. International Breweries gained 9.59%, Dangote Sugar gained 9.56%, and Wapic Insurance gained 9.38%.
- The top losers were led by International Energy Insurance which lost 9.68%, Jaiz Bank lost 6.52%, Tantalizers lost 6.00%, Nigerian Police Microfinance Bank lost 5.88%, Fidson Healthcare lost 5.40%, and Omatek Ventures lost 4.84%.
- Abbey Microfinance Bank emerged as the top gainer and most traded stock, with 230.346 million shares exchanged. It was followed by Access Holdings, with 80.993 million shares traded. UBA saw a 1.83% gain with 23.901 million shares traded. FCMB, one of the best performers, recorded 18.657 million shares, while Fidelity Bank, despite a 4.21% loss, had 16.379 million shares traded.
- In terms of turnover value, Access Holdings led with N1.392 billion, followed by Abbey Mortgage Bank at N621.921 million. UBA reported a turnover of N541.687 million. GTCO, with a 2.63% gain, recorded a turnover of N475 million, while Zenith Bank, with a 3.50% gain, posted a turnover of N445.386 million.
SWOOTs and FUGAZ Highlights
- Stocks worth over one trillion witnessed a relatively quiet trading day, as only GTCO and Zenith Bank recorded price movements, with 2.63% and 3.50% gains respectively.
- Other members of the category, Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, MTN Nigeria, Transcorp Power, and Geregu Power posted no price changes.
- The bullish sentiment prevailed for top-tier banking stocks, with FBN Holdings, UBA, GTCO, Access Holdings, and Zenith Bank posting gains of 5%, 1.83%, 2.63%, 0.88%, and 3.50%, respectively.
- Collectively, these banks generated N122.4 billion in equity gains. FBN Holdings led with a market cap increase of N39.5 billion, followed by Zenith Bank with N34.5 billion, GTCO with N29.4 billion, UBA with N13.7 billion, and Access Holdings with N5.3 billion.
