Stock market begins 2024 on positive note as investors earn N665.98bn

In the first trading day of the year, equities market at the Nigerian Exchange Limited opened on a bright note as the benchmark index gained 1.63 percent to close at 75,990.88 basis points.

Specifically, bargain hunting in Airtel Africa and BUA Cement underpinned the 1.63 percent increase in the benchmark index, having appreciated in share value by 6.0 percent and 5.2 percent, respectively.

Equities investors, therefore, earned N665.98 billion on the first trading of the year as the market capitalisation to close at N41.58 trillion.

As measured by market breadth, market sentiment was positive as 49 tickers gained relative to 17 losers. On the performance board, AIICO Insurance and Daar Communication  recorded the most significant gains of the day after their respective share prices appreciated by 10.0 percent, respectively; while Cadbury and Mecure Industries topped the losers› list having lost 10.0 percent from their share value, respectively.

Across the sectors, the Industrial Goods, Insurance, Consumer Goods and Oil & Gas indices recorded gains by 2.1 percent, 0.9 percent, 0.4 percent and 0.4 percent, respectively, while the Banking index declined by 0.3 percent.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 56.53 percent.

A total of 515.81 million shares valued at N5.57 billion were exchanged in 9,370 deals. Mutual Benefits Assurance led the volume chart with 101.63 million units traded while  Airtel Africa  led the value chart with deals worth N741.78 million.

Market Analysts noted that there are indications that the market’s positive trajectory would persist as investors position themselves favorably in dividend-paying stocks, anticipating the release of 2023FY earnings.