Investors’ net worth on the Nigerian Exchange Ltd. (NGX) increased by N899 billion or 2.11 percent, concluding the week’s trading activities. Market capitalization closed at N43.593 trillion, up from N42.694 trillion on Thursday. The All-Share Index (ASI) also rose by 2.11 percent, gaining 1,644 points to settle at 79,664.66, compared to the previous session’s 78,020.54. Year-to-date (YTD) return increased by 6.54 percent, with 892.68 million shares valued at N14.33 billion traded in 13,019 deals.
The positive market breath was driven by investors’ interest in shares of Dangote Cement, MTN Nigeria, and Zenith Bank. Fidelity Bank led in volume on the activity chart, exchanging 92.668 million shares valued at N1.31 billion. Transcorp followed with 75.430 million shares worth N954.95 million. Sterling Bank traded 71.553 million shares valued at N399.96 million, while FCMB traded 56.850 million shares valued at N541.82 million. UBA exchanged 45.983 million shares valued at N131.72 million.
On the gainers’ chart, Nigerian Aviation Handling Company Plc (NAHCO) and UPDC Real Estate Investment Trust (UPDCREIT) led with a 10 percent increase each, closing at N28.60 and N1.65 per share, respectively. Transcorp and Wema Bank gained 9.99 percent each, closing at N12.66 and N7.38 per share, while Transcorp Hotel recorded a profit of 9.92 percent, closing at N84.85 per share.
Conversely, Multiverse Mining and Exploration led the losers’ chart with a 9.99 percent decrease, closing at N18.20. SCOA Nigeria followed with a 9.94 percent decline, closing at N1.63, while Abbey Mortgage Bank lost 9.86 percent, closing at N2.65 per share. UPDCREIT also shed 9.33 percent, closing at N6.30, and Wapic Insurance declined by 8.97 percent, closing at 71k per share.
Financial experts analyzing the market outlook attributed the trade appreciation to a “buy the hype” trend, predicting that the ASI may reach the 80,000 mark in the coming weeks. However, they cautioned that underlying economic factors could lead to a subsequent decline in investor enthusiasm, prompting existing shareholders to sell their holdings. Despite the current positive market outlook, experts suggested a possible bullish run before the end of the first quarter, paving the way for new investments.
Credit: Texts excluding headlines (NAN)
