May 31, (THEWILL) – Nigeria’s equities market recorded a marginal gain of N17 billion Wednesday to close trading for the month of May.
Market capitalization hit N30.366 trillion as against N30.349 trillion in the previous day’s transaction.
Closing the month, the domestic bourse ended mixed with a bullish tilt as the benchmark Index managed to eke out a 4bps gain to settle at 55,769.28 points. Sustained demand for MTNN (+0.40%), BUAFOODS (+5.61%) and GEREGU (+1.68%) offset losses in Tier-1 banking names ZENITHBANK (-2.36%), GTCO (-2.38%) and ACCESSCORP (-0.40%) to keep the broader index in the positive terrain.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session
with the value of transactions up by 20.25%. A total of 661.51m shares valued at ₦19.00bn were exchanged in 10,024 deals. ACCESSCORP (-0.40%) led the volume chart with 98.73m units while GEREGU (+1.68%) led the value chart in deals worth ₦9.76bn.
Market breadth closed negative at a 1.43-to-1 ratio with declining issues outnumbering advancing ones. NASCON (-9.79%) led twenty-nine (29) others on the laggard’s log while JAIZBANK (+10.00%) topped twenty (20) others on the leader’s table.
Analysing by sectors, the Consumer Goods (+2.1%) and Oil & Gas (+1.6%) indices advanced, while the Banking (-2.5%), Insurance (-2.5%), and Industrial Goods (-0.2%) indices closed lower.
As measured by market breadth, market sentiment was negative (0.8x), as 39 tickers lost relative to 30 gainers. NASCON (-9.8%) and RTBRISCOE (-9.8%) topped the losers’ list, while MCNICHOLS (+10.0%) and VERITASKAP (+10.0%) recorded the highest gains of the day
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
