Capitalisation rises by N365 billion

The Nigerian Exchange Limited (NGX) closed yesterday’s trading on a positive note as market capitalisation rose by N365 billion driven by the release of the full year 2024 financial results from listed companies.

At the close of transactions, the all-share index increased by 590.55 points, representing an increase of 0.57 per cent to close at 104,549.74 points. Similarly, the overall market capitalisation value gained N365 billion to close at N64.521 trillion.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “Corporate earnings and announcements will remain the primary market drivers in the near term as earnings season progresses.”

Afrinvest Research said: “Investor sentiment, a s measured b y market breadth, weakened to -0.2 0x (previously -0.0 3x) a s 26 stocks advanced, 3 8 declined.

“We expect the market to maintain the positive momentum tomorrow, underpinned b y investors re-assessment o f the valuation o f major tickers as more FY:2024 earnings are rolled out.”

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Aradel Holdings, Stanbic IBTC Holding, Nigerian Breweries, Nigerian Aviation Handling Company (NAHCO) and Vitafoam Nigeria.

However, investor sentiment, as measured by market breadth, closed negative, as 26 stocks gained while 38 stocks lost. Aradel Holdings recorded the highest price gain of 10 per cent to close at N594.

Chellaram followed with a gain of 9.98 per cent to close at N5.40 kobo, while Stanbic IBTC Holdings up by 9.92 per cent to close at N71.45 kobo.University Press appreciated by 9.64 per cent to close at N5.12, while DAAR Communications up by 9.09 per cent to close at 84 kobo.

On the other hand, McNichols and Caverton Offshore Support Group led the losers’ chart by 10 per cent each to close at N1.44 kobo and N2.07 kobo respectively, while Thomas Wyatt Nigeria followed with a decline of 9.80 per cent to close at N1.84 kobo.

Veritas Kapital Assurance down by 9.79 per cent to close at N1.29 kobo, while Consolidated Hallmark Holdings declined by 9.00 per cent to close at N2.73 kobo.

The total volume traded dipped by 22.2 per cent to 421.618 million units, valued at N14.998 billion, and exchanged in 16,256 deals. Transactions in the shares of Universal Insurance topped the activity chart with 33.619 million shares valued at N21.723 million.

Fidelity Bank followed with 31.905 million shares worth N621.756 million, while FCMB Group traded 23.128 million shares valued at N269.526 million. Japaul Gold & Ventures traded 20.214 million shares valued at N43.399 million, while Veritas Kapital Assurance transacted 17.090 million shares worth N22.046 million.