In a remarkable opening to the new year, investors on the Nigerian Stock Market Kicks Off, witnessing a collective gain of over N1.5 trillion within the initial two trading days. The NGX Market capitalization, reflecting the total investment value, rose from N40.917 trillion at the start on Tuesday to N42.429 trillion by Wednesday.
The impressive trend began with a substantial gain of over N666 billion on the first trading day, followed by an additional N846 billion on the subsequent day. Analysis attributes these gains to notable performances in Tier-1 banks, notably Zenith Bank with a 4.23% rise, Guaranty Trust (GTCO) climbing by 3.49%, and STANBIC IBTC recording a 3.1% increase. These gains effectively offset losses experienced by NGX GROUP, dropping by 1.70%, MANSARD Insurance with a 0.91% decrease, and Cadbury with a 1.17% dip, ultimately keeping the market in positive territory.\
As a consequence, the benchmark index recorded a significant 2.04% gain, closing at 77,537.57 points. This uptrend contributed to a year-to-date (YTD) return of 3.70%.
Nigerian Stock Market Kicks Off, market activities revealed heightened trade turnover compared to the preceding session, with the value of transactions spiking by 91.83%. A total of 927.56 million shares valued at N10.69 billion changed hands through 11,629 deals.
The positive market breadth was evident, with advancing issues surpassing declining ones at a ratio of 9.57-to-1. Dangote Sugar took the lead among sixty-six other companies on the leader’s table, gaining N10.00. Conversely, LEARN AFRCA experienced a 9.09% decline, leading six others on the laggard’s table.
Investors are optimistic about the strong start, with the positive momentum reflected in the overall market dynamics. The surge in market capitalization and the benchmark index signals a favorable outlook, setting a positive tone for the Nigerian stock market in the early days of the year. Market participants are keenly observing these developments as they navigate investment decisions in the coming sessions.
For more news visit https://arritoneconsult.com.ng/blog
For more educational post visit examhood.com.ng