On the 12th of January 2024, the Nigerian Exchange Limited underwent a notable resurgence in trading, marking a substantial upswing with investors accruing approximately N313 billion.
This positive shift followed a prior instance of market capitalization depreciation, providing a contrast to the prevailing positive market dynamics.
The All-Share Index displayed a robust recovery, ascending by 0.70% and concluding at 82,597.08. Concurrently, the market capitalization mirrored this upward trajectory, reaching N45.198 trillion, thereby contributing to an impressive year-to-date return of 10.46%.
Market dynamics showcased a favorable distribution, with 48 gainers outnumbering 22 losers. Among the prominent gainers were Guinea Insurance, Royal Exchange, Julius Berger, Cadbury Plc, and The Initiates Plc, each experiencing noteworthy stock appreciations of 10%, 10%, 9.92%, 9.77%, and 9.74%, respectively.
Conversely, several stocks experienced declines, including Abbey BDS, Ikeja Hotel, Caverton, Daar Communication, and NPFMCRBK, witnessing decreases of 9.90%, 9.90%, 9.66%, 9.38%, and 7.91%, respectively.
Despite a discernible decrease in trading activity, characterized by a 46.55% reduction in traded volume (amounting to 877.28 million units) and a 43.20% dip in the total traded value (totaling N14.41 billion), the total number of deals increased by 26.23%, reaching 14,919 trades.
Sector-wise, positive investor sentiment manifested prominently, with the banking index leading gainers, posting a 2.73% increase.
This surge was propelled by positive movements in the prices of United Bank for Africa, FBN Holding, Fidelity Bank, and Sterling Financial Holding Company Plc.
Furthermore, the Insurance and Consumer goods indexes followed suit with gains of 0.51% and 0.39%, respectively, attributed to buying interest in Guinea Insurance, Sunu Assurance, Prestige Assurance Plc, Cadbury, and Champion.
In summation, the resurgence in the Nigerian Exchange Limited reflected renewed investor confidence and interest, contributing to an overall positive market sentiment, notwithstanding fluctuations in trading activity.
