Investors Boost Nigerian Bourse, Market Up 2.11% To N43.59trn

Investors’ net worth on the Nigerian Exchange Ltd. (NGX) further appreciated by N899 billion or 2.11 per cent, concluding trading for the week on a positive note.

The market capitalisation closed at N43.593 trillion compared to N42.694 trillion recorded on Thursday. Similarly, the All-Share Index (ASI) rose by 2.11 per cent or 1,644 points, settling at 79,664.66 from the previous session’s 78,020.54.

Consequently, the Year-To-Date (YTD) return increased by 6.54 per cent, with investors trading 892.68 million shares valued at N14.33 billion in 13,019 deals.

The market breadth showed a positive trend owing to investors’ interest in shares like Dangote Cement, MTN Nigeria, and Zenith Bank.

On the activity chart, Fidelity Bank led in volume, exchanging 92.668 million shares valued at N1.31 billion, followed by Transcorp with 75.430 million shares worth N954.95 million. Sterling Nigeria traded 71.553 million shares valued at N399.96 million, while FCMB dealt 56.850 million shares valued at N541.82 million. UBA also exchanged 45.983 million shares valued at N131.72 million.

In the gainers’ chart, Nigerian Aviation Handling Company Plc (NAHCO) and UPDC Real Estate Investment Trust (UPDCREIT) led in percentage gains, each closing at N28.60 and N1.65 per share, respectively, with a gain of 10 per cent each. Transcorp and Wema Bank also recorded gains of 9.99 per cent, closing at N12.66 and N7.38 per share, respectively. Transcorp Hotel made a profit of 9.92 per cent, closing at N84.85 per share.

However, Multiverse Mining and Exploration topped the losers’ chart, declining by 9.99 per cent to close at N18.20. SCOA Nigeria trailed with a 9.94 per cent decline, closing at N1.63, while Abbey Mortgage Bank lost 9.86 per cent to close at N2.65 per share. UPDCREIT also shed 9.33 per cent to close at N6.30 and declined by 8.97 per cent to close at 71k per share.

Regarding the market outlook, financial experts predicted that the ASI might reach the 80,000 mark in the coming weeks due to a “buy the hype” trend. However, they cautioned that underlying economic factors could lead to a decline in investors’ enthusiasm, prompting existing shareholders to sell off their holdings.

Adetola Freeman, Regional Analyst at FBS Africa, highlighted that the extremely positive market outlook might cause smart money investors to wait and observe before making significant moves. Freeman anticipates a bullish run by the end of the first quarter, potentially initiating a new wave of investments. (NAN)