Emmanuel Ochayi
The Nigerian equity market began the week with a remarkable gain of N977 billion in investor profit on Monday, December 30, 2024.
This surge came after key stocks, including NEIMETH, PRESTIGE, and LASACO, recorded significant price increases during trading on the Nigerian Exchange Group (NGX).
Join our WhatsApp ChannelEquity Market Capitalisation Climbs Higher
After five hours of trading, the equity market’s capitalisation rose to ₦62.899 trillion from ₦61.912 trillion reported at the close of trading the previous Friday.
The All-Share Index (ASI) also climbed, closing at 103,149.35, a rise from the 102,133.30 recorded last week.
Market Breadth Shows Positive Trends
The market breadth revealed positive sentiment as 37 stocks advanced, 21 declined, and 65 remained unchanged across 13,778 deals. The equity market’s robust performance was driven by gains in key stocks, underscoring investor confidence as the year draws to a close.
Top Gainers Boost the Equity Market
NEIMETH, PRESTIGE, and LASACO led the list of gainers, each posting impressive growth. NEIMETH and PRESTIGE saw 10% increases in share prices, closing at N2.09 and N1.10, respectively. LASACO followed closely with a 9.96% rise to N3.89 per share.
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Declining Stocks in the Equity Market
Despite the overall gains, some stocks recorded losses. PZ, VITAFOAM, and NGXGROUP led the decliners, with their share prices dropping by 10%, 9.62%, and 9.17%, respectively.
PZ closed at N26.10, VITAFOAM at N21.60, and NGXGROUP at N27.25.
Volume and Value Leaders in Trading
On the volume index, UNIVINSURE dominated, trading 71 million shares in 259 deals. GTCO and ACCESSCORP followed, trading 54 million and 46 million shares in 295 and 754 deals, respectively.
For value trades, GTCO topped the chart with equities worth N3.1 billion exchanged in 295 deals. ARADEL and BUAFOODS were also notable, trading shares valued at N1.6 billion each across 410 and 838 deals, respectively.
What the Gains Mean for Investors
Monday’s strong performance indicates increased investor confidence in the equity market. The rise in the All-Share Index and market capitalisation suggests positive momentum, positioning the Nigerian equity market for a strong end-of-year performance.
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.
