NGX shareholders have gained over N2 trillion in one week 

Over the course of five trading days, spanning from December 27, 2023, to January 3, 2024, equities listed on the NGX surged by approximately N2.063 trillion, coinciding with a 5.11% rise in the NGX’s All-Share Index during this period.

Throughout these five trading days, the market witnessed a notable progression, hitting new highs on four occasions. This upward trend commenced at 73,768.64 points on December 27, culminating in a closing figure of 77,537.57 points on January 3.

The NGX’s market cap has also increased from N40.37 trillion on December 27, the first trading day after Christmas, to hit N42.43 trillion on January 3.  

Some of the biggest capital gainers during the period include:  

  • Airtel Africa, whose market capitalization gained N422.6 billion, taking it to N7.516 trillion.  
  • MTN Nigeria, whose market capitalization gained N273 billion, taking it to N5.54 trillion.  
  • Dangote Cement, whose market capitalization gained N117.3 billion, taking it to N5.45 billion.  
  • United Bank for Africa, whose market capitalization gained N106 billion, taking it to N978 billion.  
  • Zenith Bank, whose market capitalization gained N83.2 billion, taking it to N1.28 trillion.  
  • FBN Holding, whose market capitalization gained N66.4 billion, taking it to N919 billion.  

While some of the biggest share price gainers within the period include  

  • Infinity Trust Mortgage Bank which appreciated by 87.3%.  
  • Multiverse Mining and Exploration which appreciated by 46.22%  
  • Ikeja Hotel which appreciated by 45.20%.  
  • AIICO Insurance which appreciated by 24.68% 
  • Industrial & Medical Gases which appreciated by 20.63%.  
  • Fidelity Bank which appreciated by 17.62%.  

What you should know  

From December 2023, investor sentiment in the NGX has been positive, even as the market gained 4.78% in December 2023. However, since the start of 2024, there’s been higher bullish sentiment as the market has appreciated by 3.7% in just two trading days.  

The factors responsible for this bullish run could be linked to increased attention on the NGX, considering the impressive 45.9% return the exchange achieved in 2023.

Also, the signs are telling that there is increased foreign portfolio participation in the NGX, even as foreign participation in the NGX hit a 13-month high in November 2023.  

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