Equity Market Rebounds N467bn, All Share Index Advances by 0.84%

Date:

May 17, 2024.

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Azonuchechi Chukwu.

The Nigerian Exchange Ltd. (NGX) on Thursday posted a first week gain with the market capitalisation rebounding by N467 billion, amid renewed interests by investors.

Specifically, the market capitalisation which opened at N55,058 trillion, gained N467 billion or 0.84 per cent, to close at N55,525 trillion.

Investors improved buy interest in the stocks of Airtel, Nigerian Breweries, Fidelity Bank and some insurance companies drove the market to a positive terrain.

Consequently, the Year-To-Date (YTD) return rose to 31.27 per cent.

However, the market breadth closed negative with 24 declined equities outnumbering 15 advanced ones.

On the losers’ table, Eterna led by 9.89 per cent to close at N12.30, FCMB trailed by 8.28 per cent to close at N6.65 per share.

Omatek dropped 6.94 per cent to close at 67k, Unity Bank lost 5.88 per cent to close at N1.60 and FBN Holdings 5.36 per cent to close at N22.95 per share.

Conversely, Guinea Insurance and Royal Exchange Assurance led the gainers’ table by 10 per cent each to close at 33k and 55k per share respectively.

Airtel Africa gained 8.97 per cent to close at N2,150 and International Energy Insurance rose by 7.84 per cent to close at N1.65 and Prestige Assurance added 5.88 per cent to close at 54k per share.

Analysis of the market activity showed that trade turnover settled 24.95 per cent higher than the previous session.

A total of 409.77 million shares valued at N8.93 billion were exchanged in 7,296 deals, compared to 355.55 million shares valued at N7.14 billion traded in 7,333 deals recorded on Wednesday.

Custodian led the activity chart in volume with115.53 million shares valued at N1.38 billion, Nigeria Breweries followed 83.75 million shares worth N1.93 billion to lead the value chart.

United Bank of Africa(UBA)traded 26.06 million shares valued at N560.54 million, Access Corporation traded 24.18 million shares worth N409.80 million.

Guaranty Trust Holding Company(GTCO) transacted 22.93 million shares valued at N946.86 million.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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