Over the course of 5 buying and selling days, spanning from December 27, 2023, to January 3, 2024, equities listed on the NGX surged by roughly N2.063 trillion, coinciding with a 5.11% rise within the NGX’s All-Share Index throughout this era.
All through these 5 buying and selling days, the market witnessed a notable development, hitting new highs on 4 events. This upward pattern commenced at 73,768.64 factors on December 27, culminating in a closing figure of 77,537.57 points on January 3.
The NGX’s market cap has additionally elevated from N40.37 trillion on December 27, the primary buying and selling day after Christmas, to hit N42.43 trillion on January 3.
Among the greatest capital gainers throughout the interval embrace:
- Airtel Africa, whose market capitalization gained N422.6 billion, taking it to N7.516 trillion.
- MTN Nigeria, whose market capitalization gained N273 billion, taking it to N5.54 trillion.
- Dangote Cement, whose market capitalization gained N117.3 billion, taking it to N5.45 billion.
- United Financial institution for Africa, whose market capitalization gained N106 billion, taking it to N978 billion.
- Zenith Financial institution, whose market capitalization gained N83.2 billion, taking it to N1.28 trillion.
- FBN Holding, whose market capitalization gained N66.4 billion, taking it to N919 billion.
Whereas a few of the greatest share worth gainers inside the interval embrace
- Infinity Belief Mortgage Financial institution which appreciated by 87.3%.
- Multiverse Mining and Exploration which appreciated by 46.22%
- Ikeja Resort which appreciated by 45.20%.
- AIICO Insurance coverage which appreciated by 24.68%
- Industrial & Medical Gases which appreciated by 20.63%.
- Constancy Financial institution which appreciated by 17.62%.
What you must know
From December 2023, investor sentiment within the NGX has been constructive, even because the market gained 4.78% in December 2023. Nevertheless, for the reason that begin of 2024, there’s been larger bullish sentiment because the market has appreciated by 3.7% in simply two buying and selling days.
The components chargeable for this bullish run might be linked to elevated consideration on the NGX, contemplating the spectacular 45.9% return the alternate achieved in 2023.
Additionally, the indicators are telling that there’s elevated international portfolio participation within the NGX, whilst foreign participation in the NGX hit a 13-month high in November 2023.
