Stock market opens on positive note as investors gain N665.98bn

The Nigerian stock market, yesterday, started trading in 2024 on a positive note as the NGX All-Share Index advanced by 1.63%, closing at 75,990.88 basis points, compared to the last trading day of 2023, which closed at 74,773.77 basis points.

The NGX Market CAP also recorded a gain of N665.98bn as stock investors made positive returns.

The NGX ASI year-to-date return is at 1.63%.

The total volume traded advanced by 39.93% to close at N515.81m, valued at N5.57bn, and traded in 9,370 deals. At the close of trading, the market recorded 49 gainers, 17 losers, and 53 unchanged. The top 3 gainers were AIICO Insurance (10.00%), DAAR Communication (10.00%), and Ikeja Hotel (10.00%) while the top 3 losers were Cadbury Nigeria (-10.00%), Mecure Industries (-10.00%), and Thomas Wyatt Nigeria (-10.00%).

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Meanwhile, the NGX, yesterday, announced the results of its half-year market index review for the following indices – NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index; Meristem Growth Index; Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas.

The review has led to the entry and exit of some companies from several indices, which took effect at the opening of the market on Tuesday, 2 January 2024.

There was no entry or exit for the NGX 30 Index and NGX Consumer Goods Index. However, the NGX Banking Index witnessed new entrants, namely FBN Holdings plc

FCMB Group Plc, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc while Jaiz Bank, Union Bank Nigeria Plc, Unity Bank and Wema Bank exited the index.

Universal Insurance Company Plc was the new entry into NGX Insurance Index, which saw International Energy Insurance Plc exiting.

MTN Nigeria Communications Plc, Vitafoam Nigeria plc, Stanbic IBTC holdings plc and NPF microfinance bank plc were new entrants into Afrinvest Div Yield Index, which was exited by Dangote sugar refinery plc, FCMB Group Plc, Cutix Plc and Glaxo Smithkline Consumer Nig. Plc. The Meristem Growth Index witnessed the exiting of CAP, Julius Berger, Presco, PZ and Vitafoam while welcoming Access, Fidelity, UBA, UCAP, WAPCO and Zenith Bank.

NGX Lotus Islamic Index had no new entry but Nestle Nigeria Plc exited the index.

Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively. NGX indices are developed to allow investors to efficiently track market movements and properly manage investment portfolios.