Nigerian Stock Exchange Starts New Year on High Note: Market Capitalisation Soars by N666bn

The Nigerian Stock Exchange (NSE) opened the new year on a high note as investors pocketed N666 billion.

The market recorded new milestones as both the market capitalization and the All-Share Index (ASI) reached unprecedented highs.

At the close of trading, the market capitalization stood tall at a fresh peak of N41.583 trillion, reflecting a notable 1.63% increase.

Simultaneously, the ASI marked a historic moment by crossing the 75,000 mark, closing the day at 75,990.88 points after gaining 1,217.11 points during trading.

Driving this remarkable upswing were key stocks, including Mutual Benefits Assurance Plc, Transcorp Plc (which rose by 9.93%), Unity Bank (up by 9.88%), United Bank for Africa (increasing by 1.36%), Access Holdings (up by 1.73%), Zenith Bank (with a 0.91% rise), and Airtel Africa (posting a 5.99% increase).

The positive market breadth, indicative of investors’ sentiment, was evident with 50 gainers and 18 losers during the trading session.

Leading the gainers were stocks such as AIICO, DaarCom, Sunu Assurance, Ikeja Hotel Plc, Linkage Assurance, and Infinity Trust Mortgage Bank Plc, each gaining 10% and closing at N0.88, N0.99, N1.21, N6.60, N0.88, and N6.60, respectively.

Other notable gainers included Multiverse (up by 9.96% to close at N20.42), Transcorp Plc (increasing by 9.93% to close at N9.52), Eterna Oil (gaining 9.75% to close at N14.10), and PZ Cussons (up by 8.61% to close at N29 per share).

However, some stocks experienced declines, with Cadbury Plc, Thomas Wyatt, and Mecure Industries leading the losers’ chart with a 10% decline to close at N17.10, N2.43, and N10.80 per unit, respectively.

Prestige and Consolidated Hallmark Holdings Plc also lost value, dropping 9.80% and 9.52%, respectively.

Mutual Benefits, Transcorp, Airtel Africa, and GTCO emerged as the volume and value drivers of the day, contributing to the overall positive market trend.

The traded volume of shares increased from 368.63 million units to 515.81 million, valued at N5.57 billion from 9,370 executed deals.

As analysts project continued bullish sentiment throughout the week, investors are positioning themselves for the New Year through sectoral portfolio rebalancing.

Profit-taking and bargain-hunting for dividend-paying stocks are also anticipated, aligning with the upcoming reporting and earnings season.

The NSE’s stellar start sets an optimistic tone for the year ahead, emphasizing the resilience and potential of the Nigerian equities market.