Stock Market Gains N1.6tn in One Day

Stock Market Gains N1.6tn in One Day

Kayode Tokede

The market capitalisation of the Nigerian Exchange Limited (NGX) gained N1.6 trillion yesterday, as investors’ demand for large and mid-cap stocks, especially banking stocks surged.

The market capitalisation rose by N1.6 trillion to close yesterday, at N45.524 trillion from the N43.957 trillion it closed for trading the previous day.

The NGX All- (NGX ASI) appreciated by 2,863.26 basis points or 3.56 per cent to close at 83,191.84 basis points from 80,328.58 basis points. The 83,191.84 basis points was another milestone in the history of Nigerian stock market as investors in the few days of 2024 trading have gained 11.30 per cent average return on their investment. 

The Banking Index gained 8.2 per cent just as the Insurance Index rose by 6.4 per cent,

The upswing was driven by price appreciation in large and medium capitalised stocks amongst which were: Presco, Dangote Cement, MTN Nigeria Communications (MTNN), BUA Foods and Transcorp Hotels.

As measured by market breadth, market sentiment was positive, as 72 stocks gained relative to 13 losers.

Cadbury Nigeria Plc, FBN Holdings (FBNH) Plc, FTN Cocoa Processors, Guinea Insurance, Mutual Benefits Assurance, Unilever Nigeria and Universal Insurance emerged the highest price gainers of 10 per cent each to close at N18.15, N28.60, N2.20, 44 kobo, 77 kobo, N18.15 and 33 kobo per share respectively.

FBN Holdings once again crossed the N1 trillion market capitalisation level to N1.03trillion.

Meanwhile, Wema Bank and Zenith Bank followed with a gain of 9.99 per cent each to close at N8.92 and N47.35, while International Breweries advanced by 9.98 per cent to close at N5.29, per share.

On the other hand, TotalEnergies Marketing Nigeria led others on the losers’ chart with 10 per cent to close at N346.50, per share. DAAR Communications followed with a decline of 9.40 per cent to close at N1.06, while R.T. Briscoe Nigeria shed 8.45 per cent to close at 65 kobo, per share.

SUNU Assurance lost 7.69 per cent to close at N1.20, while Prestige Assurance depreciated by 7.41 per cent to close at 50 kobo, per share.

The total volume traded advanced by 18.5 per cent to 1.41 billion units, valued at N24.68 billion, and exchanged in 17,144 deals. Transactions in the shares of Fidelity Bank led the activity with 141.749 million shares worth N1.965 billion. FCMB Group followed with account of 128.974 million shares valued at N1.485 billion, while United Bank for Africa (UBA) traded 117.713 million shares valued at N3.779 billion.

Transnational Corporations (Transcorp) traded 108.340 million shares worth N1.576 billion, while Access Holdings traded 85.208 million shares worth N2.525 billion.

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