Nigerian Stocks Surge 6.54% In First Week Of 2024

The Nigerian Exchange Limited (NGX) finished the first week of 2024 on a positive note, buoyed by sustained investor confidence in listed companies.

Nairametrics reports that this momentum has instilled optimism for a potentially bullish market in 2024, bringing the All-Share index up by 6.54% to close at 79,664.66 points.

Similarly, all other indices finished higher except NGX Growth and NGX Sovereign Bond Indices which depreciated by 6.38% and 1.21% respectively, while the NGX ASeM index closed flat.

Market analysts have said that the stock market has been quite eventful and bullish in 2023, and can reasonably project further improvement in 2024, as more companies approach the market for listing and public offerings.

Available statistics to the Nairametrics showed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading week at 74.773.77 index points at the beginning of trading on January 2, 2024, and closed at 79.664.66 points at the end the week on January 5th, gaining 4,890.89 basis points or 6.54%.

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Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading week at N40.917 trillion in market capitalization at the beginning of trading, closed the week at N43.593 trillion, hence has earned a week-to-date gain of about N2.676 trillion.

Over the week, strong performances in DANGCEM (+1.59% w/w), AIRTELAFRI (+5.99% w/w), and MTNN (+7.95% w/w) drove the market’s positive performance, outweighing losses in STANBIC (-5.96% w/w), GUINNESS (-7.58% w/w), and CADBURY (-11.05% w/w). Consequently, the year-to-date (YTD) return rose to 6.54%.

A total turnover of 3.320 billion shares worth N41.755 billion in 46,994 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.186 billion shares valued at N31.425 billion that exchanged hands last week in 23,969 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.399 billion shares valued at N26.054 billion traded in 22,833 deals; thus contributing 72.25% and 62.40% to the total equity turnover volume and value respectively.