Nigerian stock market close positive in record-breaking second week
TLDR
- Cadbury Nigeria led gainers on the Nigerian Exchange Group, with the All-Share Index appreciating by 4.24%.
- The NGX All-Share Index reached a record-breaking 83,191.84 points on January 9, 2024.
- FUGAZ banks achieved a historic milestone by surpassing the N1 trillion market capitalization level for the first time.
Cadbury Nigeria led the gainers on the Nigerian Exchange Group (NGX) for the week ending January 12, 2024. The All-Share Index experienced a notable appreciation of 4.24%, closing at 83,042.96 points, marking a gain of 3,378.3 points from the previous week's closing at 79,664.66 points.
In a remarkable trading week, the NGX All-Share Index reached a record-breaking 83,191.84 points on January 9, 2024. On the same date, all FUGAZ banks achieved a historic milestone by surpassing the N1 trillion (over $1 billion) market capitalization level for the first time.
According to the NGX weekly market report, equities gained N1.848 trillion during the week, with the market capitalization appreciating by 4.24% to close at N45.442 trillion, compared to the previous week's N43.594 trillion.
Key Takeaways
The Nigeria Exchange Limited (NGX) has started the new year on a bullish note, gaining approximately 11.06%, which positions it as the world's second-best-performing stock market in 2024, according to Bloomberg. This positive momentum follows the market's strong performance in 2023. The current bullish trend is anticipated to persist in the short run, reflecting the positive trajectory from the previous year. However, some analysts caution that the bullish trend may not be sustained indefinitely. There are predictions of a potential dip later in the month, as investors might start taking profits towards the latter part of the month. As with any market, fluctuations are expected, and investors often adapt their strategies in response to changing conditions.
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