Nigeria’s Stock Market Records 4th Consecutive Win, Investors Happy

• Nigeria's stock market for the fourth consecutive day improved on Thursday as investors shared billions after trading
• During trading, Fidelity Bank, Access Holdings, Tantalizers, GTCO and First Holdo were actively traded stocks
• Vetiva Research analysts believe selective buying will continue as investor sentiment remains positive

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

Nigeria’s equities market continued its upward trend on Thursday, May 8, closing in the green for the fourth consecutive session this week.

Data shows that at the close of trading on the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) rose by 0.35% on Thursday to close at 109,231.96 points, which is higher than 109,000.19 points achieved on Wednesday.

Market capitalisation also rose, settling at N68.652 trillion compared to N68.507 trillion the previous day. This indicates that investors booked a N145 billion gain on Thursday.

This sustained momentum has pushed the market's weekly gain to 3.01%, while the month-to-date return stands at 3.24%.

Year-to-date, the market has now returned 6.13%, reflecting growing investor confidence amid improving sentiment.

Snapshot of market performance on Thursday

On Thursday, in 16,704 deals, investors traded 554,069,040 shares worth N14.347billion. Fidelity Bank, Access Holdings, Tantalizers, GTCO and First Holdo were actively traded stocks.

Here is a breakdown of market performance on Thursday.

Top gainers

• Livestock Feeds Plc: Gained N0.75 to close at N8.35, up from N7.60 (+9.87%).
• Honeywell Flour Mills Plc: Gained N1.20 to close at N13.45, up from N12.25 (+9.80%).
• Eunisell Interlinked Plc: Gained N0.95 to close at N10.75, up from N9.80 (+9.69%).
• May & Baker Nigeria Plc: Gained N0.70 to close at N7.95, up from N7.25 (+9.66%).
• Tantalizers Plc: Gained N0.22 to close at N2.59, up from N2.37 (+9.28%).

Top losers

• Ikeja Hotel Plc: Lost N1.15 to close at N10.70, down from N11.85 (-9.70%).
• Transcorp Plc: Lost N4.90 to close at N46.90, down from N51.80 (-9.46%).
• FCMB Group Plc: Lost N0.75 to close at N9.10, down from N9.85 (-7.61%).
• Caverton Offshore Support Group Plc: Lost N0.16 to close at N2.60, down from N2.76 (-5.80%).
• ABC Transport Plc: Lost N0.08 to close at N1.50, down from N1.58 (-5.06%).

Top traded stocks by volume

• Zenith Bank Plc: 42.15 million shares traded, valued at N2.02 billion.
• Fidelity Bank Plc: 35.94 million shares traded, valued at N624.73 million.
• Access Holdings Plc: 31.50 million shares traded, valued at N746.90 million.
• United Bank for Africa Plc: 23.99 million shares traded, valued at N897.80 million.
• Tantalizers Plc: 23.06 million shares traded, valued at N59.18 million.

GTCO's share price rises to a new level

Earlier, Legit.ng reported that the shareholders of Guaranty Trust Holding Co PLC smiled on Tuesday as its share price surged.

Data shows that at the closing of trading on NGX, the share price of GTCO shares rose by 4% on Tuesday.

Capital market expert in a chat with Legit.ng explained the performance of the GTCO shares despite social media sentiments.

Source: Legit.ng