Investors Pocket N666 Billion as Stock Market Opens Year Positive

As investors on Tuesday resumed to the trading floor of the Nigerian Exchange Limited (NGX) to commence operation for the new year, the first trading day of the year ended on a positive note with N666 billion profit.

The epochal positive session was driven actively by bargain hunting in the stocks of Airtel Africa, (+6.0%) and BUA Cement (+5.2%) which underpinned a 1.63% increase in the benchmark index.

The NGX All-Share Index which measures price movement in the market rose by 1,217.11 points or 1.63% to close at 75,990.88 basis point from 74,773.77 points it closed last year.

Similarly, valuation of equity investments in the domestic stock market surged by N666 billion to close the 2024 opening session at N41.584 trillion.

While trading activities improved with turnover volume posting 39.93% uptick at 515.81 million shares, traded value slipped by 56.53% to 5.573 billion compared to N12.82 billion traded value recorded in the previous session.

Trading data obtained from the NGX shows that across the sectors, the Industrial Goods (+2.1%), Insurance (+0.9%), Consumer Goods (+0.4%) and Oil & Gas (+0.4%) indices recorded gains, while the Banking (-0.3%) index declined.

As measured by market breadth, market sentiment was positive as 49 stocks recorded gain while 17 others closed in the red territory with negative movements in share prices.

MBENEFIT was the most traded stock by volume at 101.63 million units, while AIRTELAFRI was the most traded stock by value at N741.78 million.

Top Gainers by Percentage

Top Decliners by Percentage