Nigerian Exchange Opens 2024 with N666bn Daily Gain
The equities segment of the Nigerian Exchange (NGX) was launched into a fresh rally on Tuesday after the New Year celebration. The market advanced by about N666 billion as stockholders increased their equities stakes in the local bourse amidst an expectation that 2024 will be a better year.
According to stockbrokers, the market indicators surged by +1.63% due to strong bargain hunting carried forward from late trading sessions in 2023.
Consequent to a fresh rally seen, the equities market index or the Nigerian Exchange All-Share Index increased by 1,217.11 basis points. This represents +1.63% growth to close at a new high of 75,990.88 points
However, market activities were mixed, stockbrokers at Atlass Portfolios Limited said in a market update. Data from the Nigerian Exchange showed that the total volume traded increased by +39.93%. Meanwhile, the total value traded dip by 56.53%.
Approximately 515.81 million units valued at ₦5,573.34 million were transacted in 9,370 deals, Atlass Portfolios Limited said, citing data from the local bourse.
MBENEFIT was the most traded stock in terms of volume, accounting for 20.05% of the total volume of trades. This was followed by TRANSCORP (9.20%), UNITYBNK (6.95%), JAIZBANK (5.33%), and UBA (3.96%) to complete the top 5 on the volume chart.
AIRTELAFRI was the most traded stock in value terms, with 13.47% of the total value of trades on the exchange. AIICO, DAARCOMM, IKEJAHOTEL, INFINITY, LINKASSURE, and SUNUASSUR topped the advancers’ chart with a price appreciation of 10.00 per cent each.
These stocks were trailed by MULTIVERSE (9.96%), TRANSCORP (+9.93%), ABBEYBDS (+9.91%), ABCTRANS (+9.88%), and thirty-nine others.
Eighteen stocks depreciated, according to data from the Nigerian Exchange. CADBURY, MECURE, and THOMASWY were the joint-top losers, with a price depreciation of -10.00%.
PRESTIGE (-9.80%), CONHALLPLC (-9.52%), STANBIC (-8.11%), LIVESTOCK (-7.03%), and AFRIPRUD (-1.35%) also dipped in price. Based on the trading pattern, the market breadth closed positive, recording 49 gainers and 18 losers.
At the end of the first trading session in the New Year, the market sector performance was positive, with four of the five major market sectors climbing.
The Industrial sector grew by +2.14%, followed by the Insurance sector which rose by +0.94%. The oil and gas sector popped up by +0.36%. The Consumer goods sector advanced by +0.36%. The Banking sector was down by -0.33%.
Overall, the equities market capitalisation increased by ₦665.97 billion, representing a growth of +1.63%, to close at ₦41.53 trillion. #Nigerian Exchange Opens 2024 with N666bn Daily Gain Naira Devaluation Deepens Economic Crisis in Nigeria
