The Nigerian stock market began 2024 on a positive note as investors gained ₦665.98 billion on the first trading day of the year.
The All-Share Index of the the Nigerian Exchange Limited (NGX) rose by 1.63% to close at 75,990.88 basis points, while the market capitalisation gained ₦665.98 billion to close at ₦41.58 trillion.
Investments in Airtel Africa and BUA Cement led to the 1.63% appreciation recorded in the stock market.
AIICO Insurance and Daar Communication led the gainers table with share prices rising by 10% respectively.
On the other hand, Cadbury and Mecure Industries topped the losers list having lost 10.0% from their share value, respectively.
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Across the sectors, the Industrial Goods, Insurance, Consumer Goods, and Oil and Gas indices recorded gains by 2.1%, 0.9%, 0.4%, and 0.4%, respectively, while the Banking index declined by 0.3%.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 56.53%.
A total of 515.81 million shares valued at ₦5.57 billion were exchanged in 9,370 deals.
Mutual Benefits Assurance led the volume chart, with 101.63 million units traded while Airtel Africa led the value chart with deals worth ₦741.78 million.
Market Analysts noted that there were indications that the market’s positive trajectory would persist.
According to them, investors are positioning themselves favorably in dividend-paying stocks, anticipating the release of 2023 FY earnings.
