Emmanuel OchayiOn the bustling final trading day of 2023, the Nigerian Exchange Group (NGX) surged to a new high, concluding the year on a resoundingly positive note.
The All-Share Index (ASI) witnessed a commendable uptick of 0.36%, culminating at 74,773.77 points, signifying a year-to-date growth of 45.90%, echoing the bullish trend witnessed in 2020.
Join our WhatsApp ChannelIn response to this surge, market players and experts expressed a mix of enthusiasm and analysis. Renowned market analyst, Sarah Johnson, emphasized, “The NGX’s upward trajectory throughout the year has been remarkable, reflecting a resilient market amidst various challenges. It’s a testament to investor confidence and strategic resilience.”
READ ALSO: NGX Bounces Back: All-Share Index Surge By 0.99% As MTN, Dangote Top Gainers
During today’s trading session, equities collectively soared, resulting in a noteworthy increment of N148 billion in market capitalization, which surged to N40.92 trillion, a leap from yesterday’s N40.77 trillion.
Commenting on the market movement, David Smith, a senior trader at a leading brokerage firm, remarked, “The year-end rally is reflective of sustained investor interest, especially in key sectors. Despite fluctuations, the market has shown remarkable resilience, indicating positive investor sentiment entering the new year.”
While there was a slight dip in trading volume, sliding to 368.629 million units from yesterday’s 384.576 million units, market turnover value surged to N12.82 billion, a contrast from the previous day’s N5.67 billion.
Key equities experienced notable price movements, with companies like MTNN, GTCO, BUAFOODS, and ZENITHBANK influencing market dynamics.
The day’s top gainers included LEARNAFRCA (+10.00%), TRANSCOHOT (+10.00%), MULTIVERSE (+9.95%), ABBEYBDS (+9.90%), and IMG (+9.80%), showcasing impressive gains in their respective shares.
Conversely, some stocks faced a downward trend, with DEAPCAP (-6.90%), SNUASSUR (-5.17%), FTNCOCOA (-4.52%), NAHCO (-4.51%), and TANTALIZER (-4.8%) witnessing losses in their stock values.
Regarding volume and value, ZENITHBANK and GEREGU took the lead, emphasizing their impact on today’s trading session.
Assessing the sentiment among stocks valued over N1 trillion and tier-1 banks, the day’s trading displayed a mixed outlook, with various companies experiencing gains and losses, contributing to the overall nuanced market sentiment.
As the year draws to a close, the NGX’s performance in 2023 sets an optimistic tone for investors and stakeholders, hinting at potential opportunities and challenges awaiting the market in the upcoming year.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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