Investors gain over $2bn as Nigerian stocks surge 6.54%
The Nigerian Exchange Limited (NGX) wrapped up the initial week of 2024 on a positive note, driven by a consistent surge in investor confidence towards listed companies. This positive momentum has fueled optimism for a potentially bullish market in 2024, leading to a 6.54% increase in the All-Share index, closing at 79,664.66 points.
Except for the NGX Growth and NGX Sovereign Bond Indices, which experienced depreciation of 6.38% and 1.21%, respectively, all other indices concluded higher. The NGX ASeM index remained unchanged.
Market analysts anticipate a continuation of the bullish trend in 2024, citing the eventful and positive performance of the stock market in 2023. They foresee further improvements as more companies consider listing and engaging in public offerings.
According to Nairametrics analysis, the All-Share Index, a comprehensive measure of Nigerian stock performance, initiated the trading week at 74,773.77 index points on January 2, 2024. By the week's conclusion on January 5th, it had surged to 79,664.66 points, marking a substantial gain of 4,890.89 basis points or 6.54%. Further examination of activities on the NGX indicated that the market capitalization, starting at N40.917 trillion at the beginning of the trading week, concluded at N43.593 trillion by the week's end. This signifies a notable week-to-date gain of around N2.676 trillion (~$2.6 billion). After conducting a technical analysis of the ASI on the Nigerian Exchange, there is a strong likelihood that the index may surpass the 80,000 mark in the upcoming days.