Trading on the Nigerian stock market for the year 2024 began on a positive note as it gained N1.512 trillion in the first two trading days of the year.
The All-Share Index advanced by 3.70 per cent in two trading days from 74,773.77 points at which it opened for the year to closed yesterday at 77,537.57 points. Also, market capitalization rose by N1.512 trillion to close on January 3, 2024 at N42.430 trillion from N40.918 trillion it opened trading for the year.
Analysts noted that stock market commenced trading for 2024 on a positive side extending the bullish and Santa Claus rally into the New Year, and ahead of the unaudited fourth quarter (Q4) financials of listed companies, and the first Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting for the year.
Afrinvest Limited stated that “tomorrow, we anticipate an extended rally on the bourse, as investors continue to bet on favourable equities outlook for the year.”
On market outlook, the chief operating officer InvestData Consulting Limited, Ambrose Omordion said “We expect positive sentiment and trend to continue after breaking out 75,000 psychological line heading to 76,000 mark on positioning by bargain hunters ahead of unaudited Q4, 2023 numbers and volatility in the face of coming MPC meeting, as pullback at this point will add more strength to upside potential.
“As such, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”
Reviewing market activities for yesterday showed that the upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Conoil, BUA Foods, Stanbic IBTC Holding and FBN Holdings (FBNH).
As measured by market breadth, market sentiment was positive, as 72 stocks gained relative to seven losers. Berger Paints, Dangote Sugar Refinery, Cornerstone Insurance, Custodian Investment, FCMB Group, Ikeja Hotels, Morison Industries, NASCON Allied Industries, United Bank for Africa (UBA), University Press and Infinity Trust Mortgage Bank recorded the highest price gain of 10 cent each to close at N14.30, N63.25, N1.65, N9.90, N8.25, N7.26, N3.08, 59.40, N28.60, N2.64 and N7.26 respectively, per share.
Transcorp Hotel and Multiverse Mining and Exploration followed with a gain of 9.99 per cent each to close at N77.19 and N22.46 respectively, while Transnational Corporations (Transcorp) and Access Holdings rose by 9.,98 per cent each to close at N10.47 and N25.90 in that order, per share.
On the other hand, Learn Africa led the losers’ chart by 9.09 per cent, to close at N2.90, per share. Champion Breweries followed with a decline of 7.32 per cent to close at N3.80, while C&I Leasing down by 2.33 per cent to close at N5.03, per share.
Nigerian Exchange Group depreciated by 1.70 per cent to close at N23.10, while Ellah Lakes declined by 1.64 per cent to close at N3.00, per share.
The total volume traded rose by 79.83 per cent to 927.558 million units, valued at N10.691 billion, and exchanged in 11,629 deals.
