Nigerian stock market daily report: 2024 Bull run continues as Investors’ gains surpass ₦3 Trillion

The 2024 bull run on the Nigerian stock market continued on Monday, as Investors’ gain on the Nigerian Exchange’s (NGX) equities market since the beginning of the year surpassed ₦3 trillion. Monday’s gains makes it five days of gains out of five days of trading so far in 2024.

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The bench-mark NGX All-Share Index advanced by 0.83% to close the day at record 80,324.53 points, while the equities market capitalization grew by the same percentage points adding ₦364 million to Investors’ wealth.

Activity level

The activity level improved on Monday as the volume of shares traded, value of shares traded and the no of deals done increased by 33.33%, 6.48% and 23.52% respectively.

By the end of trading on Monday, 1.19 billion shares valued at ₦15.25 billion had exchanged hands in 16,081 deals.

Shares of Transnational Corporation Plc (NGX: TRANSCORP), Fidelity Bank Plc (NGX: FIDELITYBK) and Access Holdings Plc (NGX: ACCESSCORP) were the most traded by volume with 298.30 million, 87.65 million and 28.10 million shares respectively.

Shares of Transnational Corporation Plc (NGX: TRANSCORP), Fidelity Bank Plc (NGX: FIDELITYBK) and MTN Nigeria Communications Plc (NGX: MTNN) were the most traded by value, with their shares worth ₦4.07 billion, ₦1.18 billion and ₦1.13 billion respectively exchanging hands on Thursday.

Top Gainers and Losers

Investor sentiment strengthened to 3.1x as 55 stocks advanced against 18 stocks that declined on Monday.

The top five gainers were;

1. Omatek Ventures Plc (NGX: OMATEK): It gained 10% to close at ₦0.99.
2. Lasaco Assurance Plc (NGX: LASACO): It gained 10% to close at ₦2.42.
3. Julius Berger Nig. Plc (NGX: JBERGER): It gained 10% to close at N46.75
4. Cornerstone Insurance Plc (NGX: CORNEST): It gained 10% to close at ₦1.87.
5. Cutix Plc (NGX: CUTIX): It gained 10% to close at ₦84.85.

The top five losers on Wednesday were;

1. Daar Communications Plc (NGX: DAARCOMM): It lost 9.3% to close at ₦1.17.
2. Eterna Plc (NGX: ETERNA): It lost 8.79% to close at ₦15.05.
3. CWG Plc (NGX: CWG): It lost 7.05% to close at ₦8.30.
4. PZ Cussons Nigeria Plc (NGX: PZ): It lost 6.9% to close at ₦27.00.
5.  Fidelity Bank Plc (NGX: FIDELITYBK): It lost 5.99% to close at ₦13.35.

All the five indices under our watch closed positively.

1. Banking Index: The index gained 2.23% to close at 1,011.57 points.  Year to Date, the index has advanced by 12.75%.
2. Industrial Index: The industrial index gained 0.67% to close at 2,828.21 points. Year to Date, the index has advanced by 4.27%.
3. Consumer Goods Index: The index advanced by 0.13% to settle at 1,172.12 points. Year to Date, the index has advanced by 4.53%.
4. Oil & Gas Index: It gained by 0.59% to close at 1,080.73 points. Year to Date, the index has advanced by 3.61%.
5. Insurance Index: it gained by 6.28% to close at 390.01 points. Year to Date, the index has advanced by 21.25%.

Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur