Nigerian Stocks Surge On 1st Trading Day, Year-to-Date Return Hits 49%

The market capitalization of the Nigerian Exchange Ltd. (NGX) recorded a gain of N666 billion or 1.63 per cent on Tuesday, the first trading day of the year. This gain reflects a 1.63 per cent increase, closing at N41.583 trillion, compared to N40.917 trillion recorded on Friday.

Furthermore, the All-Share Index also witnessed growth, increasing by 1,217.11 points or 1.63 per cent, closing at 75,990.88 in contrast to 74,773.77 recorded on Friday. Consequently, the Year-to-Date (YTD) return surged to 48.96 per cent.

The positive performance was driven by increased trading in the shares of some insurance companies, telecommunication firms, and five-star hotels.

AIICO Insurance topped the list of top traders with a percentage increase of 10 per cent, closing at 88k. Following closely were Daar Communications and Ikeja Hotel, which also grew by 10 per cent each, closing at 99k and N6.60 per share, respectively. Similarly, Infinity Trust Mortgage Bank and Linkage Assurance gained 10 per cent each, closing at N6.60 and 88k per share, respectively.

On the losers’ side, Cadbury and Mecure led in percentage terms with a decline of 10 per cent each, closing at N17.1 and N10.89 per share. Thomaswy also dropped by 10 per cent to close at N2.43 per share. Additionally, Prestige Assurance shed 9.80 per cent to close at 46k, while Omatek lost 9.21 per cent to close at 69k. (NAN)