December 15, (THEWILL) – The Nigerian equities market has advanced into the N60 trillion territory, a record performance that boosts investors’ optimism for massive gains haul in the next 10 trading days to close the year.
At the end of trading on Friday, December 13, 2024, the local bourse recorded a surge in market capitalisation to N60.24 trillion, the highest in the history of the Nigerian Exchange (NGX).
The All-Share Index also jumped to 99,379.06 points, fuelling expectations of historic 100,000- point benchmark to round off the current year.
The market, which opened with N40.91 trillion capitalisation in January, closed at N60.24 trillion last Friday. This resulted in a N19.32 trillion gain for investors whose robust confidence led to a 20.8 percent growth. The All-Share Index rose by 15,604.29 points to closed at 99,378.06 points against 74,773.77 points on 29 December, 2023.
The All-Share Index surge beyond 99,000-threshold was driven by positive price movements in mid- and large-cap stocks. Market watchers believe that the remarkably bullish momentum sets the stage for a potential rally towards the much-anticipated 100,000-point mark in the nearest future.
With strong investor confidence and robust performance across key sectors, the Nigerian equities market is poised to sustain its upward trajectory into the New Year.
Last Friday’s performance of NGX market indices, which moved up 617.47 (0.63 percent) points after the previous day’s trading, to close at 99,378.06, represents a 1-week gain of 1.19 percent, a 4-week gain of 1.69 percent, and an overall year-to-date gain of 32.9 percent.
Compared with the previous NGX trading day (Thursday, December 12), last Friday’s data shows 9 percent improvement in volume, 5 percent improvement in turnover, and 2 percent improvement in deals.
On weekly basis, a total turnover of 2.729 billion shares worth N49.845 billion in 43,298 deals was traded last week ended December 13, by investors on the floor of the Exchange, in contrast to a total of 3.893 billion shares valued at N87.749 billion that exchanged hands the previous week in 43,868 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.705 billion shares valued at N18.874 billion traded in 19,203 deals; thus contributing 62.48 percent and 37.87 percent to the total equity turnover volume and value respectively.
The ICT industry followed with 286.657 million shares worth N6.346 billion in 2,603 deals. Third place was the Oil and Gas Industry, with a turnover of 209.404 million shares worth N10.827 billion in 5,803 deals.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
