Nigerian Exchange Ltd. (NGX) further appreciates by N899 billion

Date:

January 8, 2024.

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Azonuchechi Chukwu.

Investors net worth on the Nigerian Exchange Ltd. (NGX) further appreciated by N899 billion or 2.11 per cent to end trading for the week.

Specifically, market capitalisation closed at N43.593 trillion as against N42.694 trillion recorded on Thursday.

Also, the All-Share Index (ASI) also earned 2.11 per cent or 1,644 points to settle at 79,664.66, as against 78,020.54 recorded at the previous session.

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

The market breath was positive as a result investors buying interest in the shares Dangote Cement, MTN Nigeria, Zenith Bank.

Meanwhile, on the activity chart, Fidelity Bank led in volume with an exchange of 92.668 million shares valued at N1.31 billion.

It was followed by Transcorp with 75.430 million shares of deals worth N954.95 million.

Sterling Bank exchanged 71.553 million shares valued at N399.96 million, while FCMB traded 56.850 million shares valued at N541.82 million.

Also, UBA exchanged 45.983 million shares valued at N131.72 million.

On the gainer’s chart, Nigerian Aviation Handling Company Plc (NAHCO) and UPDC Real Estate Investment Trust (UPDCREIT) led in percentage terms of 10 each to close at N28.60 and N1.65 per share, respectively.

Transcorp and Wema Bank also gained 9.99 per cent each to close at N12.66 and N7.38 per share respectively, while Transcorp Hotel made a profit of of 9.92 per cent to close at N84.85 per share.

Conversely, Multiverse Mining and Exploration led the looser’s chart with 9.99 per cent to close at N18.20.

SCOA Nigeria trailed with 9.94 per cent to close 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 Wapic Insurance declined by 8.97 per cent to close at 71k per share.

However, analysis of the market outlook by some financial experts revealed that trade on the Exchange appreciated due to a wave of “buy the hype”, and the ASI may hit the 80,000 mark in the coming weeks.

Mr Adetola Freeman, Regional Analyst, FBS Africa, had noted that while the ASI may hit 80,000 mark, underlying economic factors could cause a decline in the enthusiasm of investors subsequently.

Freeman said, this may also pressure existing shareholders to sell off their holdings

He noted that the fact that the current market outlook is extremely positive could be another cause for smart money investors to take a pause.

Freeman stated that this would later lead to a bullish run before the end of the first quarter and give birth to a new batch of investments. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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