Emmanuel OchayiThe Nigerian equity market defied expectations on Thursday, May 2, 2024, as investors recorded gains for the second consecutive day.
The market’s benchmark index appreciated by 0.55% to 98,762.78 points, driven by strong investor sentiment following recent earnings releases and corporate action announcements.
Join our WhatsApp ChannelThe market capitalization of listed equities advanced by 0.55% to N55.86 trillion, driving the year-to-date return of the index up to 32.08%. The exchange recorded 29 winners and 14 losers, with Flourmill and Presco Plc leading the gainers’ chart with a 10% increase each.
Sterling Financial Holding Company also made it to the top three gainers, with its share value increasing by 9.98% to N4.74. On the other hand, NASCON Allied Industries, UPL, and Omatek led the losers’ chart with a decline of 9.99%, 9.29%, and 9.21% respectively.
The level of market activity was mixed, with the total traded volume rising by 20.46% to 665.2 million units, while the total traded value tanked by 62.9% to N5.54 billion. The total number of deals dipped by 9.7% to 8,446 trades.
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Across sectors, the performance remained bullish, with investor sentiments improving notably in the Banking and Oil & Gas indexes, which recorded an uptick of 3.20% and 0.95% respectively. The Consumer Goods, Industrial Goods, and Industrial Goods indexes also closed northward by 0.67%, 0.58%, and 0.01% respectively.
Abbey Mortgage Bank Plc emerged as the most traded security by volume, with 362.82 million units traded in 16 trades, while AccessCorp was the most traded by value, worth N954.62 million.
Overall, the equity market’s second consecutive day of gains is a positive sign for investors, who are taking advantage of the bearish run to take positions in stocks with strong fundamentals. As the market continues to recover, investors are advised to remain cautious and do their due diligence before making investment decisions.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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