In an impressive five-day trading period, spanning from December 27, 2023, to January 3, 2024, equities on the NGX witnessed an astonishing surge, propelling the market to new heights.
Coinciding with a notable 5.11% rise in the NGX’s All-Share Index, the market saw an overall increase of approximately N2.063 trillion.
The bullish trend unfolded, marking new highs on four separate occasions, initiating at 73,768.64 points on December 27 and culminating in a closing figure of 77,537.57 points on January 3.
The NGX’s market capitalization mirrored this ascent, ascending from N40.37 trillion on the first trading day post-Christmas to an impressive N42.43 trillion on January 3.
Key capital gainers during this period include Airtel Africa, MTN Nigeria, Dangote Cement, United Bank for Africa, Zenith Bank, and FBN Holding.
Airtel Africa led the pack, gaining N422.6 billion and reaching a market capitalization of N7.516 trillion.
Noteworthy share price gainers during this span include Infinity Trust Mortgage Bank (87.3%), Multiverse Mining and Exploration (46.22%), Ikeja Hotel (45.20%), AIICO Insurance (24.68%), Industrial & Medical Gases (20.63%), and Fidelity Bank (17.62%).
Investor sentiment has remained positive since December 2023, with the NGX experiencing a 4.78% gain during that month. The bullish run continued into 2024, with the market appreciating by 3.7% in just two trading days.
Analysts attribute this bullish momentum to increased attention on the NGX, fueled by the exchange’s impressive 45.9% return in 2023.
Signs indicate heightened foreign portfolio participation, reaching a 13-month high in November 2023. The combination of these factors underscores the robust performance and growing international interest in the NGX.
