‘Nigeria Stock Market Emerges World Best’

Nigeria’s stock market surpassed Argentina’s stock market to become the top-performing market in the world on Wednesday, January 17, 2024.

The Nigerian Exchange Limited experienced a bullish run, with the All-Share Index increasing by 2.38% and reaching a record-breaking 90,063.25 points, up from Tuesday’s 87,970.37 points.

Reports revealed that between January 15 and 17, 2024, the NGX witnessed an impressive gain of 8.45%. Year-to-date.

The market is observed to have appreciated by 20.45%, solidifying its position as the fastest-growing equities market globally, outpacing the Argentine Stock Market.

Despite this remarkable performance, there was no change in the equities market cap within the ASI, which remained at N48.139 trillion, the same as the previous day.

However, there was a significant increase in trading volume, rising by 21.65% to 1.298 billion units compared to the previous day’s 1.067 billion units. Additionally, there was a slight 3.9% increase in trading value, reaching N16.38 billion from Tuesday’s N15.77 billion.

A further analysis showed that the top gainers are GUINNESS, +10.00 per cent to close at N71.50, WEMABANK,+10.00 per cent to close at N11.66, HONYFLOUR, +10.00 per cent to close at N4.84, SUNUASSUR, +10.00 per cent to close at N1.76, AIICO, +10.00 per cent to close at N1.54 and BUACEMENT, +9.99 per cent to close at N123.90.

On the other hand, there were significant losses for top-performing stocks. RTBRISCOE experienced a decrease of 10.00 per cent, closing at N0.81. DANGSUGAR saw a decline of 9.95 per cent, closing at N73.30. NGXGROUP had a decrease of 9.84 per cent, closing at N22.90. REDSTAREX experienced a decline of 9.47 per cent, closing at N4.11. STERLINGNG saw a decrease of 9.09 per cent, closing at N6.90. Lastly, DAARCOMM had a decrease of 8.33 per cent, closing at N0.99.

In terms of trading volume, STERLINGNG led with 106.14 million units, experiencing a decrease of 9.09 percent. JAPAULGOLD followed with 101.12 million units, showing an increase of 8.94 per cent. TRANSCORP had 90.47 million units, with an increase of 9.97 per cent.

JAIZBANK had 83.12 million units, showing an increase of 1.37 per cent. Lastly, UNITYBNK had 73.41 million units, with a slight increase of 0.67 per cent.

When considering trading value, NB led with N2.02 billion, showing an increase of 1.82 per cent. TRANSCORP followed with N1.58 billion, experiencing an increase of 9.97 per cent.

ZENITHBANK had N1.10 billion, with a decrease of 1.42 per cent. ACCESSCORP had N935.86 million, showing a decrease of 0.67 per cent. Lastly, STERLINGNG had N800.26 million, experiencing a decrease of 9.09 percent.

Updates from SWOOT and FUGAZ indicated that the trading sentiment for stocks worth over N1 trillion was mixed. BUACEMENT, BUAFOODS, DANGCEM, and GEREGU recorded price gains, with increases of 9.99 per cent, 5.49 per cent, 9.86 per cent, and 9.49 per cent, respectively.

Stocks such as ACCESSCORP, GTCO, ZENITHBANK, and UBA experienced price declines of -0.67%, -1.80%, -1.42%, and -4.27%, respectively.

On the other hand, AIRTELAFRI, MTNN, SEPLAT, and TRANSCOHOT (Transcorp Hotels) did not witness any changes in their prices.

FBNH, however, faced a significant decline of 5.79%, causing it to fall below the N1 trillion market cap level once again.

One noteworthy event in the market on Wednesday was the rise of Dangote Sugar into the SWOOT territory.

However, by the end of the trading session, the stock experienced a sharp decline of 9.95%, resulting in a market capitalization of N890 billion.