Investors Rake In N665.98 Billion As Nigerian Stock Market Opens On Positive Note

The Nigerian stock market commenced trading in 2024 on a positive note as investors smiled home with N665.98 billion after trading events on Tuesday.

Naija News reports that the NGX All-Share Index for the day showed an advancement of 1.63%, reaching a closing point of 75,990.88 basis points. This was a notable increase compared to the last trading day in 2023, which closed at 74,773.77 basis points.

Furthermore, the NGX Market CAP experienced a gain of N665.98bn, indicating positive returns for stock investors.

The year-to-date return for the NGX ASI stands at 1.63%.

The total volume traded also saw a significant increase of 39.93%, closing at N515.81m in value, equivalent to N5.57bn.

These trades were conducted in 9,370 deals.

At the end of the trading session, the market recorded 49 gainers, 17 losers, and 53 unchanged stocks. Notably, the top three gainers were AIICO Insurance (10.00%), DAAR Communication (10.00%), and Ikeja Hotel (10.00%). Conversely, the top three losers were Cadbury Nigeria (-10.00%), Mecure Industries (-10.00%), and Thomas Wyatt Nigeria (-10.00%).

In the latest market index review conducted by NGX, the results announced showed the review affected various indices, including NGX 30, NGX Lotus Islamic, NGX Pension, NGX Pension Broad Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index, and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas.

The changes resulting from the review took effect on Tuesday, 2 January 2024, with some companies entering or exiting the indices. Notably, there were no new entries or exits for the NGX 30 Index and NGX Consumer Goods Index, Naija News understands.

However, the NGX Banking Index welcomed new entrants such as FBN Holdings Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc, and Stanbic IBTC Holdings Plc. On the other hand, Jaiz Bank, Union Bank Nigeria Plc, Unity Bank, and Wema Bank exited the index.

In the NGX Insurance Index, Universal Insurance Company Plc entered while International Energy Insurance Plc exited. Afrinvest Dividend Yield Index saw the inclusion of MTN Nigeria Communications Plc, Vitafoam Nigeria plc, Stanbic IBTC Holdings plc, and NPF microfinance bank plc, while Dangote sugar refinery plc, FCMB Group Plc, Cutix Plc, and Glaxo SmithKline Consumer Nig. Plc were removed from the index.

The Meristem Growth Index witnessed the departure of CAP, Julius Berger, Presco, PZ, and Vitafoam, while welcoming Access, Fidelity, UBA, UCAP, WAPCO, and Zenith Bank. As for the NGX Lotus Islamic Index, there were no new entries, but Nestle Nigeria Plc exited the index.

The indices are rebalanced twice yearly, specifically on the first business day of January and July, using the market capitalisation methodology.

NGX indices have been created to enable investors to monitor market fluctuations and handle their investment portfolios effectively.