Equities market continues positive momentum as investors rake in N246bn profit

For the third consecutive day, the Nigerian equities market sustained the positive momentum on Wednesday, May 28, 2024 as investors raked in a profit of N246bn at the end of trading activities.

This follows an increase in the share price of stocks like Abbey Mortgage (ABBEYBDS), NASCON and FCMB amongst others.

Similarly, the NGX-All-Share Index ASI increased to 98,818.04 from 98,383.04 at the close of the previous trading day.

After five hours of trading at the capital market, the equity capitalization increased to N55.899 trillion from N55.653 trillion posted by the bourse on Tuesday.

The market breadth was positive as 30 stocks advanced, 15 stocks declined, while 75 stocks remained unchanged in 7,990 deals.

Read also: NGX: Investors lose N132bn as PZ, Dangote Sugar stocks tumble

Abbey Mortgage (ABBEYBDS), NASCON and FCMB led other gainers with 9.76%, 9.66% and 9.63% growth each to close at N2.70, N40.85, and N7.40 from their previous prices of N2.46, N37.25, and N6.75 respectively.

On the flip side, INTENEGINS, Jaiz Bank and Tantalizer led other price decliners as they shed 9.68%, 6.52% and 6.00% each to close at N1.40, N2.15 and N0.47 from the initial prices of N1.55, N2.30 and N0.55% respectively.

On the volume index, Abbey Mortgage (ABBEYBDS) traded 230.345 million units of its shares in 29 deals, valued at N621mn followed by ACCESSCORP which traded 80.992 million units of its shares in 861 deals, valued at N1.391bn and UBA which traded 23.901 million units of its shares in 740 deals, valued at N541mn.

On the value index, ACCESSCORP recorded the highest value for the day trading stocks worth N1.391bn in 861 deals followed by ABBEYBDS which traded equities worth N621mn in 29 deals and UBA which traded stocks worth N541mn in 742 deals.

By: Babajide Okeowo

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