Equities Investors Gain N1.8T in Three Days
The equities market has gained about N1.8 trillion in the first three trading sessions in the new year, 2024. This comes as key performance indicators peaked. In 2023, equities investors in the Nigerian Bourse gained N13 trillion to lead the emerging market peers’ performance.
Data from the Nigerian Exchange showed the market stayed bullish, breaking the previous record to set another new high on Thursday. Stock performance indicators grew by +0.62% due to an increased buying appetite.
In its market update, market analysts at Atlass Portfolios Limited said investors’ wealth has expanded by ₦1.78 trillion in three consecutive trading days.
The market index or the All-Share Index increased by 482.97 basis points today, representing a rise of +0.62% to close at 78,020.54. In their separate notes, stockbrokers reported that market activities inched higher. Total volume and total value traded increased by +6.11% and +4.40% respectively.
Approximately 984.19 million units valued at ₦11,161.52 million were transacted in 12,976 deals, according to data from the Nigerian bourse. FCMB was the most traded stock in terms of volume, accounting for 10.88% of the total volume of trades.
The financial services group was followed by FIDELITYBK (10.50%), UNITYBNK (7.72%), STERLINGNG (7.29%), and UNIVINSURE (4.45%) to complete the top 5 on the volume chart.
FIDELITYBK was the most traded stock in value terms, with 11.72% of the total value of trades on the exchange. LEARNAFRCA and WEMABANK topped the advancers’ chart with a price appreciation of 10.00 per cent each.
The stock was trailed by TRANSCORP with (+9.93%) growth, IKEJAHOTEL (+9.92%), STERLINGNG (+9.83%), UNITYBNK (+9.74%), and forty-two others.
Twenty-three stocks depreciated, according to trading details. MULITVERSE was the top loser, with a price depreciation of -9.97%. Other stocks that lost include MEYER (-9.75%), JOHNHOLT (-8.62%), ACCESSCORP (-3.47%), JAPAULGOLD (-2.78%), and FBNH (-2.34%).
Based on the new direction, the market breadth closed positive, recording 48 gainers and 23 losers. In addition, the market sector performance was positive. Naira Lost 11% as Banks Issue New Update on FX Spending
Market data showed that four of the five major market sectors inched up, led by the Insurance sector which grew by +2.62%, followed by Oil & Gas sector which gained +0.73%. The Consumer goods sector advanced by +0.55% and the Banking sector surged by +0.13%. The Industrial sector closed flat.
Overall, equities market capitalisation grew by ₦264.29 billion to close at ₦42.69 trillion.
