Nigerian Stock Market Starts the Year with a Bang, Year-to-Date Returns Soar to 49%
Nigerian Exchange Ltd. (NGX) Sees a Robust Start to the Year with a Market Capitalization Increase of N666 Billion, Up by 1.63%.
Photo credits: Google
On the initial trading day of the year, the market capitalization of the Nigerian Exchange Ltd. (NGX) witnessed a notable gain, surging by N666 billion or 1.63%. The market closed at N41.583 trillion, marking a 1.63% rise from the N40.917 trillion recorded on the previous Friday.
Moreover, the All-Share Index showed a positive trend by going up by 1,217.11 points or 1.63%. It closed at 75,990.88, which is higher than the Friday closing of 74,773.77. This led to a Year-to-Date (YTD) return increase, reaching an impressive 48.96%.
The good showing happened because more people were buying and selling the stocks of certain insurance companies, phone companies, and fancy hotels.
Photo credits: LinkedIn
AIICO Insurance led the pack as the top performer among traders, surging by 10%. Its closing price settled at 88k. Right behind were Daar Communications and Ikeja Hotel, both also experiencing a 10% increase and closing at 99k and N6.60 per share, respectively. Similarly, Infinity Trust Mortgage Bank and Linkage Assurance achieved the same growth percentage, closing at N6.60 and 88k per share, respectively.
Photo credits: LinkedIn
Among the stocks that didn’t perform well, Cadbury and Mecure were the top losers, each seeing a 10% drop and closing at N17.1 and N10.89 per share, respectively. Thomaswy also experienced a 10% decline, closing at N2.43 per share. Furthermore, Prestige Assurance went down by 9.80%, closing at 46k, and Omatek lost 9.21%, closing at 69k. These changes in stock prices were reported by NAN.
