Nigerian stock market daily report: Investors gain ₦846 billion on Day #2 of trading in 2024

On day #2 of trading in the year 2024, Investors on the Nigerian Exchange’s equities market had booked gains of ₦846 billion.

The benchmark All-Share Index (NGX ASI) gained 2.04%, adding 1,546.69 points to close Wednesday’s trading at 77,537.57 points.

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Wednesday’s gain makes it two days of gain out of two days of trading in 2024.

Activity level

The activity level improved substantially as all of volume of shares traded, value of shares traded and the no of deals increased.

927.55 million shares representing a 79.82% increase from Tuesday’s volume were traded on Wednesday. The value of shares traded amounted to N10.69 billion, 91.84% higher than the value traded in the preceding day.

The no of deals done was 6,732, also an increase of 24.11% on Tuesday’s figures.

Shares of United Bank for Africa (NGX: UBA), Access Holdings Plc (NGX: ACCESSCORP) and Zenith Bank Plc (NGX: ZENITHBANK) were the most traded by volume with 55.50 million, 46.87 million and 20.81 million shares respectively exchanging hands.

Shares of United Bank for Africa (NGX: UBA), Fidelity Bank Plc (NGX: FIDELITYBK) and Access Holdings Plc (NGX: ACCESSCORP) were the most traded by value, with their shares worth ₦1.54 billion, ₦1.31 billion and ₦1.18 billion respectively being traded on Wednesday.

Top Gainers and Losers

Investor sentiment strengthened to 11.0x as 77 stocks advanced against 7 stocks that declined.

The top five gainers on Tuesday were;

1. Berger Paints Plc (NGX: BERGER): It gained 10% to close at ₦14.30.
2. Ikeja Hotels Plc (NGX: IKEJAHOTEL): It gained 10% to close at ₦7.26.
3. Cornerstone Insurance Plc (NGX: CORNERST): It gained 10% to close at ₦1.65.
4. Custodian Investment Plc (NGX: CUSTODIAN): It gained 10% to close at ₦9.90.
5. United Bank for Africa Plc (NGX: UBA): It gained 10% to close at ₦28.60.

UPL, FCMB, DANGSUGAR, NASCON, MORISON, and INFINITY all recorded the 10% maximum gain possible in a day.

The top five losers on Wednesday were;

1. Learn Africa Plc (NGX: LEARNAFRCA): It lost 9.09% to close at ₦2.90.
2. Champion Breweries Plc (NGX: CHAMPION): It lost 7.32% to close at ₦3.80.
3. C & I Leasing Plc (NGX: CILEASING): It lost 2.33% to close at ₦5.03.
4. NGX Group Plc (NGX: NGXGROUP): It lost 1.70% to close at ₦23.10.
5. Ellah Lakes Plc (NGX: ELLAHLAKES): It lost 1.64% to close at ₦3.00

All the indices under our watch advanced on Wednesday, with the Banking Index recording the highest percentage gain with 6.66%.

1. Banking Index: The index gained 6.66% to close at 953.76 points.  Week to Date, the index has advanced by 6.30%.
2. Industrial Index: The industrial index enjoyed a 0.31% gain to close at 2,778.93 points. Week to Date, the index has advanced by 2.46%.
3. Consumer Goods Index: The index advanced by 2.42% to settle at 1,152.52 points. Week to Date, the index has advanced by 2.79%.
4. Oil & Gas Index: It advanced by 1.89% to close at 1,066.62 points. Week to Date, the index has advanced by 2.26%.
5. Insurance Index: it gained by 5.50% to close at 342.55 points. Week to Date, the index has advanced by 6.49%.

Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur