The Nigerian stock market saw a gain of N1.512 trillion, signaling a promising start to the year.
The All-Share Index closed yesterday at 77,537.57 points, up 3.70 percent in two trading days from its year-opening level of 74,773.77 points. In addition, market capitalization increased by N1.512 trillion from the time it began trading in 2023 until January 3, 2024, when it closed at N42.430 trillion.
The stock market began trading in 2024 on an uptrend, analysts noted, continuing the bullish and Santa Claus rally into the New Year and ahead of the first Monetary Policy Committee (MPC) meeting of the year and the unaudited fourth quarter (Q4) financials of listed companies.
Afrinvest Limited stated that “tomorrow, we anticipate an extended rally on the bourse, as investors continue to bet on favourable equities outlook for the year.”
On market outlook, the chief operating officer InvestData Consulting Limited, Ambrose Omordion said “We expect positive sentiment and trend to continue after breaking out 75,000 psychological line heading to 76,000 mark on positioning by bargain hunters ahead of unaudited Q4, 2023 numbers and volatility in the face of coming MPC meeting, as pullback at this point will add more strength to upside potential.
“As such, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”
Examining yesterday’s trading activity revealed that advances in medium- and large-cap equities, such as those of Presco, Conoil, BUA Foods, Stanbic IBTC Holding, and FBN Holdings (FBNH), contributed to the upswing.
Market mood was bullish as indicated by market breadth, with 72 equities rising compared to seven losses. The largest price increases of 10 cents each were recorded by the following companies: University Press, Infinity Trust Mortgage Bank, Dangote Sugar Refinery, Cornerstone Insurance, Custodian Investment, FCMB Group, Ikeja Hotels, Morison Industries, NASCON Allied Industries, United Bank for Africa (UBA), and N14.30, N63.25, N1.65, N9.90, N8.25, N7.26, N3.08, 59.40, N28.60, N2.64, and N7.26, respectively, per share.
Transnational Corporations (Transcorp) and Access Holdings saw increases of 9.,98% and 9.,98%, respectively, to close at N10.47 and N25.90, per share, while Transcorp Hotel and Multiverse Mining and Exploration trailed with gains of 9.99% and N22.46, respectively.
Conversely, Learn Africa closed at N2.90 per share, leading the losers’ table by 9.09 percent. After that, Champion Breweries had a drop of 7.32% to close at N3.80, and C&I Leasing saw a drop of 2.33% to settle at N5.03 per share.
