Stock market reopens 2024 upbeat, capitalisation rises by N667b

Divisional Head, Business Support Services, Nigerian Exchange Limited (NGX), Dr. Irene Robinson-Ayanwale (left); Chief Executive Officer, NGX, Temi Popoola; Nichole Yembra; Chief Executive Officer, RMD Productions, Richard Mofe Damijo; Tega Mofe-Damijo; Executive Director, Capital Markets, NGX, Jude Chiemeka; Executive Director, CSCS Plc, Adeyinka Shonekan and Head, Market Surveillance and Investigation, NGX Regulation Limited, Abimbola Babalola during the Closing Gong ceremony to commemorate the final trading day of 2023 at the Exchange in Lagos.

The Nigerian equities market reopened on a brighter note on the first trading day in 2024 as investors repositioning for 2022 full-year earnings and dividend payout persisted.

Bargain hunting in Airtel Africa Plc and 49 others lifted market capitalisation by N667 billion.

Also, the All-Share Index gained 1,217.11 points, representing a gain of 1.63 per cent to close at 75,990.88 points. Also, market capitalisation rose by N667 billion to close at N41.583 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, Prescoe, BUA Cement, PZ Cussons Nigeria and Multiverse Mining & Exploration.

As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 18 losers. AIICO Insurance,

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said:”As expected, positive sentiments from last year filtered into today’s session, as buy-interest remained in the market. We anticipate a mixed trading session tomorrow(today).

DAAR Communications, SUNU Assurance, Ikeja Hotels, Linkage Assurance and Infinity Trust Mortgage Bank emerged the highest price gainer of 10 per cent each to close at 88 kobo, 99 kobo, N1.21, N6.60, 88 kobo and 60 kobo respectively.

Multiverse Mining & Exploration followed with a gain of 9.96 per cent to close at N20.42 kobo, while Transnational Corporations advanced by 9.93 per cent to close at N9.52 kobo.

On the other side, Cadbury Nigeria, Thomas Wyatt Nigeria and Mecure Industries led others on the losers’ chart with 10 per cent each to close at N17.10, N2.43 and N10.80 respectively.

Prestige Assurance followed with a decline of 9.80 per cent to close at 46 kobo, while Consolidated Hallmark Holdings depreciated by 9.52 per cent to close at N1.33 kobo

The total volume traded increased by 39.9 per cent to 515.81 million units, valued at N5.57 billion, and exchanged in 9,370 deals. Transactions in the shares of Mutual Benefits Assurance led the activity with 101.631 million shares worth N51.627 million.

Transnational Corporation (Transcorp) followed with a volume of 46.647 million shares valued at N440.665 million, while Unity Bank traded 35.221 million shares valued at N61.671 million.

Jaiz Bank traded 26.993 million shares worth N51.439 million, while United Bank for Africa (UBA) traded 20.075 million shares worth N513.852 million.