The Nigerian stock market kicked off the trading year 2024 on a positive note, bringing smiles to investors who reaped N665.98 billion after Tuesday’s trading activities.
The NGX All-Share Index reflected a noteworthy advancement of 1.63%, concluding at 75,990.88 basis points, a significant increase compared to the last trading day in 2023, which closed at 74,773.77 basis points.
Additionally, the NGX Market CAP saw a gain of N665.98 billion, signaling positive returns for stock investors. The year-to-date return for the NGX ASI stands at 1.63%.
The total volume traded also experienced a substantial increase of 39.93%, closing at N515.81 million in value, equivalent to N5.57 billion, across 9,370 deals.
At the end of the trading session, the market recorded 49 gainers, 17 losers, and 53 unchanged stocks. The top three gainers were AIICO Insurance (10.00%), DAAR Communication (10.00%), and Ikeja Hotel (10.00%). Conversely, the top three losers were Cadbury Nigeria (-10.00%), Mecure Industries (-10.00%), and Thomas Wyatt Nigeria (-10.00%).
In the latest market index review conducted by NGX, changes affected various indices, including NGX 30, NGX Lotus Islamic, NGX Pension, NGX Pension Broad Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index, and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas.
The NGX Banking Index welcomed new entrants such as FBN Holdings Plc, FCMB Group Plc, Guaranty Trust Holding Company Plc, and Stanbic IBTC Holdings Plc, while Jaiz Bank, Union Bank Nigeria Plc, Unity Bank, and Wema Bank exited the index.
In the NGX Insurance Index, Universal Insurance Company Plc entered, and International Energy Insurance Plc exited. The Afrinvest Dividend Yield Index saw new inclusions like MTN Nigeria Communications Plc, Vitafoam Nigeria plc, Stanbic IBTC Holdings plc, and NPF microfinance bank plc, with Dangote sugar refinery plc, FCMB Group Plc, Cutix Plc, and Glaxo SmithKline Consumer Nig. Plc removed from the index.
The Meristem Growth Index witnessed changes with CAP, Julius Berger, Presco, PZ, and Vitafoam departing, and Access, Fidelity, UBA, UCAP, WAPCO, and Zenith Bank joining. The NGX Lotus Islamic Index experienced Nestle Nigeria Plc exiting.
These indices undergo rebalancing twice yearly, specifically on the first business day of January and July, using the market capitalization methodology, offering investors insights to monitor market fluctuations and manage their investment portfolios effectively.
Ada Peter
