Following the New Year’s celebrations, the Nigerian Exchange (NGX) equities section began a new surge on Tuesday. The market rose by over N666 billion as shareholders upped their equity shares in the local bourse in anticipation of a stronger year in 2024.
According to stockbrokers, the market indices increased by +1.63% in 2023 as a result of significant deal hunting carried on from late trading sessions.
The equities market index, or the Nigerian Exchange All-Share Index, climbed by 1,217.11 basis points as a result of a new surge. This marks a +1.63% increase to a new high of 75,990.88 points.
However, market activity was uneven, according to stockbrokers at Atlass Portfolios Limited in a market update. According to data from the Nigerian Exchange, the total volume traded increased by +39.93%. Meanwhile, the total value traded dip by 56.53%.
Approximately 515.81 million units valued at ₦5,573.34 million were transacted in 9,370 deals, Atlass Portfolios Limited said, citing data from the local bourse.
MBENEFIT was the most traded stock in terms of volume, accounting for 20.05% of the total volume of trades. This was followed by TRANSCORP (9.20%), UNITYBNK (6.95%), JAIZBANK (5.33%), and UBA (3.96%) to complete the top 5 on the volume chart.
AIRTELAFRI was the most traded stock in value terms, with 13.47% of the total value of trades on the exchange. AIICO, DAARCOMM, IKEJAHOTEL, INFINITY, LINKASSURE, and SUNUASSUR topped the advancers’ chart with a price appreciation of 10.00 per cent each.
These stocks were trailed by MULTIVERSE (9.96%), TRANSCORP (+9.93%), ABBEYBDS (+9.91%), ABCTRANS (+9.88%), and thirty-nine others.
Eighteen stocks depreciated, according to data from the Nigerian Exchange. CADBURY, MECURE, and THOMASWY were the joint-top losers, with a price depreciation of -10.00%.
PRESTIGE (-9.80%), CONHALLPLC (-9.52%), STANBIC (-8.11%), LIVESTOCK (-7.03%), and AFRIPRUD (-1.35%) also dipped in price. Based on the trading pattern, the market breadth closed positive, recording 49 gainers and 18 losers.
At the end of the first trading session in the New Year, the market sector performance was positive, with four of the five major market sectors climbing.
The Industrial sector grew by +2.14%, followed by the Insurance sector which rose by +0.94%. The oil and gas sector popped up by +0.36%. The Consumer goods sector advanced by +0.36%. The Banking sector was down by -0.33%.
Overall, the equities market capitalisation increased by ₦665.97 billion, representing a growth of +1.63%, to close at ₦41.53 trillion.
