Market capitalisation gains N347bn as FCMB lists 19.803bn shares

Global Patriot Staff January 31, 2025 Business and Economy, Local, News Leave a comment 55 Views

By Rukayat Adeyemi

Lagos, Jan. 30, 2025

The Nigerian stock market maintained its upward momentum on Thursday, driven by the listing of 19.803 billion ordinary shares of FCMB Plc at 50k per share.

This contributed an additional N347 billion gains to the market capitalisation at the close of the session.

Notably, the market capitalisation, which opened at N64.521 trillion, rose by 0.54 per cent or N347 billion to close at N64.868 trillion.

The All-Share Index also gained 0.19 per cent to close at 104,744.43, against 104,549.74 recorded on Wednesday.

As a result the Year-To-Date (YTD) return advanced to 1.77 per cent.

Market breadth also closed positive with 39 gainers and 25 losers on the floor of the Exchange.

On the gainers chart, Chellarams Plc and Honeywell Flour led by 10 per cent each to close at N5.94 and N9.35 per share respectively.

NNFM trailed by 9.98 per cent to close at N55.10, Red Star Express gained 9.89 per cent to close at five Naira and Sky Aviation added 9.89 per cent to close at N40 per share.

On the losers side, Guinea Insurance Plc led by 10 per cent to close at 72k, RT Briscoe followed by 9.70 per cent to close at N2.70 per share.

Veritas Kapital Assurance declined by 9.30 per cent to close at N1.17, May & Baker shed 8.95 per cent to close at N8.65 and Daar Communications lost 7.14 per cent to close at 78k per share.

Meanwhile, trading activity on the Exchange declined in value by 21.04 per cent.

Investors exchanged N497.36 million shares in value of N11.84 billion across 13,716 deals, compared with 421.62 million shares worth N15 billion traded across 16,256 deals, posted in the previous session.

FBN Holdings led the activity chart in volume and value, with 83 million shares exchanged across 287 deals worth N2.4 billion.