Nigerian equities start May bullish as investors gain $213m
TLDR
- NGX All-Share Index gains 537.15 points, closing at 98,762.78 points, marking a positive start in May.
- Market capitalization rises by N300 billion to N55.85 trillion from the previous month, showing an upward trend after recent losses.
- Positive market sentiment observed amid respite from prior declines, setting a promising tone for future market performance.
The NGX started the month of May on a positive note, with the All-Share Index gaining 537.15 points, or 0.55%, to close at 98,762.78 points by Friday's close.
Investors saw gains of N300 billion ($213 million) as market capitalization increased to N55.85 trillion, up from N55.55 trillion recorded on April 30th, 2024.
Following a month characterized by a 6.06% decline in the market and equities losing N3.57 trillion in market capitalization, the positive sentiment observed in today's market can be viewed as a welcome respite.
Key Takeaways
Friday's market trend is largely driven by the positive performance of banking stocks, with GTCO gaining 7.03%, FBNH adding 1.10%, and Access Holding gaining 3.86%. Among the top gainers were PRESCO and Flour Mills of Nigeria, which recorded gains of 10%, followed closely by Sterling Holdco and Dangote Sugar, with gains of 9.98% and 9.90% respectively.
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