Market Cap Hits N71trn on Demand for Oando, 31 Others

Kayode Tokede

The market capitalisation of the listed companies on the Nigerian Exchange Limited (NGX) hit the N71 trillion mark yesterday on investors’ demand for Oando Plc and 31 others. 

As investors reacted to Oando’s 2024 audited result and accounts that was released on NGX, the market capitalisation gained N223.38 billion or 0.32per cent to close at N71.118 trillion yesterday from N70.895 trillion the stock market opened for trading activities.   

Consequently, the NGX All-Share Index rose by 354.25 basis points or 0.32 per cent, to close at 112,781.73 basis points from 112,427.48 basis points it closed for trading the previous day.

Oando’s audited result and accounts for December ended 31, 2024 showed a profit before tax of  N383.82billion, about 272.72per cent increase over N102.98 billion declared in 2023, while profit after tax stood at N220.12billion in 2024, representing an increase of 265 per cent from N660.277 billion declared in 2023.

The company makes history with about N4.09 trillion revenue in 2024, a significant increase of 43.6 per cent from N2.85trillion reported in 2023. 

However, sectoral performance was broadly positive as the NGX Banking Index and NGX Oil & Gas index advanced by 0.9per cent, respectively.  The NGX Consumer Goods Index advanced by 0.5 per cent and NGX Insurance Index added 0.4per cent. The NGX Industrial Goods index closed flat.

Investor sentiment, as measured by market breath closed positive as 32 stocks gained, while 21 lost.

Oando recorded the highest price gain of 10 per cent to close at N51.70 per share. Royal Exchange followed with a gain of 8.64 per cent to close at 88 kobo, while Legend Internet up by 7.27 per cent to close at N5.90, per share.

Lasaco Assurance appreciated by 6.67 per cent to close at N3.20, while May & Baker Nigeria gained 6.56 per cent to close at N13.80, per share.

On the other hand, NCR Nigeria led the losers’ chart by 9.89 per cent to close at N5.92, per share. ABC Transports followed with a decline of 9.83 per cent to close at N2.95, while Meyer depreciated by 9.63 per cent to close at N8.45, per share.

Academy Press lost 9.58 per cent to close at N4.53, while Livestock Feeds shed 6.77 per cent to close at N8.95, per share.

The total volume traded fell by 1.86 per cent to 611.527 million units, valued at N16.680 billion, and exchanged in 13,682 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 93.467 million shares valued at N1.776 billion.

GTCO followed with 87.204 million shares worth N5.952 billion, while Royal Exchange traded 73.079 million shares valued at N64.920 million.

United Bank for Africa (UBA) traded 57.114 million shares valued at N1.980 billion, while Access Holdings transacted 38.760 million shares worth N854.588 million.