Emmanuel Ochayi
The Nigerian Exchange Limited kicked off the New Year with a bang as market capitalization soared by 1.63%, elevating investor wealth by approximately N666 billion.
This surge marked a milestone, propelling the market capitalization to a new pinnacle of N41.583 trillion, while the All-Share Index surged past the 75,000-point mark, closing at 75,990.88 points after a climb of 1,217.11 points.
Join our WhatsApp ChannelThe day’s bullish run was fueled by stellar performances from key stocks, notably Mutual Benefits Assurance Plc, Transcorp Plc, Unity Bank, United Bank for Africa, Access Holdings, Zenith Bank, and Airtel Africa. These stocks saw impressive gains, contributing to the positive market breadth, with 50 gainers outpacing 18 losers.
Leading the pack among gainers were AIICO, DaarCom, Sunu Assurance, Ikeja Hotel Plc, Linkage Assurance, and Infinity Trust Mortgage Bank Plc, each securing a 10% increase, closing at notable prices.
Additional gainers included Multiverse, Transcorp Plc, Eterna Oil, and PZ Cussons, recording substantial upticks in their share values.
However, amidst the market surge, some stocks experienced declines, with Cadbury Plc, Thomas Wyatt, and Mecure Industries leading the losers’ chart with a 10% decrease.
Stocks like Prestige and Consolidated Hallmark Holdings Plc also saw declines, reflecting the mixed performance across the market.
Noteworthy is the active participation of stocks like Mutual Benefits, Transcorp, Airtel Africa, and GTCO, driving both trading volume and value. The day witnessed increased trade volumes, reaching 515.81 million shares, valued at N5.57 billion from 9,370 deals executed.
Analysts anticipate the sustained bullish momentum throughout the week as investors realign their portfolios for the New Year. However, profit-taking and strategic acquisitions of dividend-yielding stocks are expected as the reporting and earnings season looms closer, offering investors a cautious approach to navigating the market’s trajectory.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
