January 10, 2024

Stock market: Investors gain N1.93trn in 2 days

Millennials and the future of the Nigerian Stock Exchange

By Peter Egwuatu

The Nigerian stock market, yesterday, continued to surge in an impressive momentum, with investors gaining over N1.57 trillion from their investment.

This makes a total capital appreciation of over N1.93 trillion in two trading days of the week following the N364 billion that investors gained on Monday.

Accordingly, the Nigerian Exchange Limited, NGX market capitalisation, which represents the total value of stocks on the Exchange, surged to N45.523 trillion at the close of trading on Tuesday from N43.593 trillion on Friday.

The impressive market surge were propelled by renewed interest in Dangote Cement which gained 3.7% and MTN Nigeria 3.5% , to drive up the benchmark index    ( NGX All Share Index, ASI)    by 3.6% ,the highest point since 30th June 2023. As a result, the NGX ASI concluded the trading session at 83,191.84 points. Accordingly, the Year-to-Date return increased to 11.3%.

Further analysis showed that the total volume traded advanced by 18.5% to 1.41 billion units, valued atN24.68 billion, and exchanged in 17,144 deals. Fidelity Bank was the most traded stock by volume at 141.75 million units, while UBA was the most traded stock by value at N3.78 billion.

On sectorial indices, the Banking Index surged 8.2%, Insurance Index 6.4%, Consumer Goods Index, 4.0%    and Industrial Goods Index 2.5% while the Oil & Gas Index declined by 2.4%.

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