NGX benchmark index tops 75,000 points in first-day rally
The NGX (Nigerian Exchange Limited) kicked off the new year on a remarkably bullish note, with the All-Share Index surging past the 75,000 mark. The All-Share Index demonstrated a substantial gain of 1.63%, soaring by 1,217.11 points to reach a closing figure of 75,990.88 points.
On the first trading day of the year, equities witnessed a notable increase of N663 billion (~$670 million) in market capitalization, culminating in a closing value of N41.583 trillion. The market's positive momentum was predominantly fueled by the robust performance of blue-chip stocks, including AIRTELAFRI, BUACEMENT, and ZENITHBANK, which registered gains of 5.99%, 5.15%, and 0.91%, respectively.
Trading volume experienced an uptick, reaching 515.807 million units, compared to the 368.629 million units recorded in the previous trading session. However, there was a decline in terms of trading value, with a depreciation to N5.57 billion from the previous figure of N12.82 billion. The overall performance of the NGX on the first day of the year indicates a strong bullish sentiment, driven by significant gains in key stocks.
Key Takeaways
The Nigerian Exchange Limited (NGX) concluded 2023 on a positive note, buoyed by a resurgence in investor confidence in listed companies. This optimistic trend has instilled confidence among market operators, who anticipate a bullish and active primary market in 2024. There is a prevailing expectation that the primary market for equities will take center stage, with several manufacturers, whose balance sheets were impacted by market reforms, likely to seek capital through the capital market in 2024. Market operators foresee an increase in the number of public companies getting listed on the stock exchange to raise fresh capital. They attribute this positive outlook in part to the orderly transition that resulted in the appointment of new leadership, considering it a welcome development that will further enhance market confidence. The overall sentiment suggests a positive trajectory for the Nigerian stock market, driven by renewed investor trust, potential capital-raising activities, and an anticipated influx of new listings, setting an optimistic tone for the year ahead.
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