The Best: Dangote, Otedola, Others Share Over N1trn in 4hrs As Nigeria Stock Market Sets New Record
- The Nigerian stock market has reached another new high as investors' confidence continues to grow amid Tinubu's government reforms
- Nigerian billionaires such as Aliko Dangote, Abdulsamad Rabiu, and Femi Otedola continue to reap from the market surge
- The Nigerian stock market is now the best-performing in the world, ahead of Argentina's market
The Nigerian stock market set a new record on Thursday, January 19, 2023, as its All-Share Index (ASI) crossed over 91,000 basis points.
ASI tracks the general market movement of all listed stocks on the Nigerian Exchange, including those listed on the Growth Board, regardless of capitalisation.
Source: Facebook
Nigerian stock market helps billionaire make money
According to Nigerian Exchange Limited (NGX) data, the ASI rose to 91,896.97 basis points from 90,063.25 achieved a day earlier.
This indicates that the ASI increased by 1,833.72 basis points or 2.04%, bringing the stock market year-to-date growth to 22.90%, and it is now at its highest level ever.
Consequently, the overall market capitalisation on Thursday appreciated to N50.290 trillion from N49.284 trillion it closed the previous day.
This means stock investors, which include Nigerian billionaires Aliko Dangote and Rabiu Abdulsalam, shared over N1.01 trillion after 4 hours of trading.
Snapshot of the market
The stock market experienced a boost as investors showed increased interest in Dangote Cement Plc, BUA Cement Plc, MTN Nigeria Communication Plc, and Dangote Sugar Refinery Plc.
Dangote Cement saw an appreciation of 8.27%, closing at N489.90 per share, while BUA Cement rose by 8.96%, closing at N135 per share.
MTN Nigeria and Dangote Sugar Refinery recorded increases of 0.03% and 4.37%, closing at N288.10 and N76.50 per share, respectively
Here is a snapshot of the stock performance on Thursday, January 18, 2024.
Top Gainers:
- Conoil Plc - +10%
- Eterna Plc - +10%
- JohnHolt Plc - +10%
- NEM Insurance Plc - +10%
- Unity Bank Plc - +10%
- PZ Cussons Nigeria Plc - +9.96%
- May & Bakers - +9.96%
- Mcnichols - +9.94%
- Abbey Mortgage Bank Plc - +9.93%
Top Losers:
- Ikeja Hotel Plc - -9.79%
- Royal Exchange - -9.78%
- Mutual Benefit - -9.57%
- Linkage Assurance Plc - -9.40%
- Japaulgold - -9.33%
Meanwhile, Nigeria’s stock market is now the world’s best after Wednesday’s positive close helped the market beat Argentina, a country it was trailing last week.
Expert speaks
Providing insight into the performance of the Nigerian stock market so far in 2024, Gibert Ayoola noted:
"The earnings season is a sweet tost for any investor who keyed into the market since the beginning of the year.
Over the years, January is known for its dull season because it represents the start of a new calendar year, and within the period, companies are known to set targets and budget for their company based on the National budget and government spend in key critical sectors of the economy.
However, this year, 2024, has been an expectational difference as many stocks listed on the brouse of the NGX commenced the year on a trajectory growth and price appreciation. Even the least expected stock also moved in terms of price commanding positive patronage from investors as they showed renewed buying and interest, therefore leading to profitable earnings.
Furthermore, investors with long-term perspectives have also gained from these moves bring about confidence as investors intermittently take profit while the market continues to enjoy momentum and capital ride and growth with the All-share index setting a all time record high and market capitalization.
He believes also that the strong performance of the market has paved the way for local investors to hedge against inflation.
UBA joins League of Nigeria's N1trn banks
Legit.ng reported that on Monday, January 8, 2024, the United Bank for Africa (UBA) hit the N1 trillion mark in market capitalisation.
The bank's market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.
The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
