Local Stock Exchange Begins 2024 With 1.63% Growth

By Dipo Olowookere

The first trading session of 2024 on the floor of the Nigerian Exchange (NGX) Limited started on a positive note with a 1.63 per cent growth at the close of transactions on Tuesday, January 2.

Bargain-hunting activities by investors influenced this yesterday, with the industrial goods, insurance, consumer goods, and energy sectors closing higher by 2.14 per cent, 0.94 per cent, 0.36 per cent, and 0.36 per cent, respectively, while the banking counter crashed by 0.33 per cent due to profit-taking during the session.

At the close of business, the All-Share Index (ASI) rose by 1,217.11 points to an all-time high of 75,990.88 points from 74,773.77 points, and the market capitalisation grew by N666 billion to N41.584 trillion from N40.918 trillion.

Business Post reports that AIICO Insurance, Linkage Assurance, Sunu Assurances, DAAR Communications and Infinity Trust Mortgage Bank chalked up 10.00 per cent each on Tuesday to close at 88 Kobo, 88 Kobo, N1.21, 99 Kobo, and N6.60, respectively.

On the other side of the coin, the trio of Cadbury Nigeria, Thomas Wyatt, and Mecure fell by 10.00 per cent each to settle at N17.10, N2.43, and N10.80, respectively, as Prestige Assurance declined by 9.80 per cent to 46 Kobo, and Consolidated Hallmark crumbled by 9.52 per cent to N1.33.

When the closing gong was struck by 2:30 pm, the price gainers outnumbered the price losers at 50 versus 18 apiece, representing a positive market breadth and a strong investor sentiment.

As for the activity chart, it was mixed as the value of trades depreciated by 56.25 per cent, the volume of transactions increased by 39.94 per cent, and the number of deals improved by 39.19 per cent.

Traders bought and sold 515.8 million shares worth N5.6 billion in 9,370 deals during the session compared with the 368.6 million shares worth N12.8 billion traded in 6,732 deals on the last trading session of 2023.

Mutual Benefits was the most active stock for the day, selling 101.6 million units valued at N51.6 million, Transcorp traded 46.7 million units worth N440.7 million, Unity Bank exchanged 35.2 million units valued at N61.7 million, Jaiz Bank sold 27.0 million units for N51.4 million, and UBA transacted 20.1 million units worth N513.9 million.