In five trading days, from December 27, 2023, to January 3, 2024, the value of stocks listed on the NGX increased by around N2.063 trillion. This increase was accompanied by a 5.11% increase in the NGX All-Share Index.
The market saw a noticeable increase during the course of these five trading days, reaching new highs four times. Starting on December 27 at 73,768.64 points, this increasing trend reached a closing value of 77,537.57 points on January 3.
Additionally, the market capitalization of the NGX has grown, reaching N42.43 trillion on January 3 from N40.37 trillion on December 27, the first trading day following Christmas
Some of the biggest capital gainers during the period include:
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 Bank for Africa, whose market capitalization gained N106 billion, taking it to N978 billion.
Zenith Bank, 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.
While some of the biggest share price gainers within the period include
Infinity Trust Mortgage Bank which appreciated by 87.3%.
Multiverse Mining and Exploration which appreciated by 46.22%
Ikeja Hotel which appreciated by 45.20%.
AIICO Insurance which appreciated by 24.68%
Industrial & Medical Gases which appreciated by 20.63%.
Fidelity Bank which appreciated by 17.62%.
What you should know
From December 2023, investor sentiment in the NGX has been positive, even as the market gained 4.78% in December 2023. However, since the start of 2024, there’s been higher bullish sentiment as the market has appreciated by 3.7% in just two trading days.
The factors responsible for this bullish run could be linked to increased attention on the NGX, considering the impressive 45.9% return the exchange achieved in 2023.
Also, the signs are telling that there is increased foreign portfolio participation in the NGX, even as foreign participation in the NGX hit a 13-month high in November 2023.
