Access Corp & UBA Shine Bright as NGX Gains ₦151bn to Close at ₦66.65 Trillion ✨

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Olori Uwem

Well-Known Member
Mar 18, 2024
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Access Corp & UBA Shine Bright as NGX Gains ₦151bn to Close at ₦66.65 Trillion ✨


The Nigerian stock market wrapped up the week on a high note Friday, May 3rd, as the Nigerian Exchange Ltd. (NGX) posted a ₦151 billion gain, driven by increased investor interest in major banking and industrial stocks.

Key Highlights:

Market Overview:
• Market Capitalisation: Rose by ₦151 billion (+0.23%) to ₦66.647 trillion from ₦66.496 trillion.
• All-Share Index (ASI): Gained 241.72 points, closing at 106,042.57 (up from 105,800.85).
• Top Market Movers:
• Gainers: Access Corporation, UBA, CHAMS Holding Plc, Cadbury, NAHCO.
• Losers: FG132036S2, DAAR Communications, Vitafoam, Multiverse, Eterna.
• Market Breadth: Negative — 41 stocks declined, while 29 gained.

Top Gainers:
• Cadbury Nigeria: +10% → ₦31.90
• NAHCO (Nigerian Aviation Handling Co.): +10% → ₦82.50
• The Initiates Plc: +10% → ₦4.95
• Beta Glass: +9.96% → ₦109.80
• Caverton Offshore: +9.92% → ₦2.66

Top Losers:
• FG132036S2: -20% → ₦20.00
• DAAR Communications: -10% → ₦0.54
• Vitafoam: -9.94% → ₦47.55
• Multiverse: -9.93% → ₦6.35
• Eterna: -9.91% → ₦45.00

Trading Volume & Value:
• Total Volume: 573.33 million shares
• Total Value: ₦15.254 billion
• Total Deals: 18,554

Most Traded Stocks (by volume):
• Access Corporation: 52.82 million shares worth ₦1.157 billion
• CHAMS Holding Plc: 51.56 million shares worth ₦108.86 million
• UBA: 35.98 million shares worth ₦1.26 billion
• FCMB: 34.52 million shares worth ₦314.64 million
• GTCO: 31.86 million shares worth ₦2.05 billion

What This Means:
The market’s resilience shows growing investor confidence, particularly in banking stocks. While some stocks saw steep losses, especially in media and manufacturing sectors, the strong performance of key players like Access Corp and UBA helped keep the NGX on an upward trajectory.

Outlook:
Continued reforms, robust Q1 earnings, and investor optimism may sustain the momentum into next week. However, caution is still advised due to market breadth turning negative.