Business and Economy

The Nigerian stock market ends 2023 positive, reaching all-time highs of 74,773.77 points on Friday

On the last day of trading for the year, the bulls continued to dominate the market, resulting in a positive close for the week. The All-Share Index reached a new all-time high, gaining 0.36% to close at 74,773.77 points. This upward movement was primarily driven by the performance of MTNN (+0.57%), ZENITHBANK (+1.18%), and GTCO (+1.12%), which outweighed the losses in AIRTELAFRI (-0.03%), BUAFOODS (-2.77%), and DANGSUGAR (-0.70%). Investors are starting to position themselves ahead of the FY 2023 earning season, contributing to the overall market performance.

For the week, the ASI closed 1.01% higher, marking its tenth consecutive weekly gain. Throughout the year, there were notable top performers such as DANGSUGAR (+255.14% y/y), UBA (+237.50% y/y), BUAFOODS (+197.54% y/y), ACCESSCORP (+172.35% y/y), and OANDO (+167.86% y/y). On the other hand, some stocks experienced a decline, including NB (-1.20% y/y), GUINNESS (-4.80% y/y), and BUACEMENT (-0.80% y/y). Overall, the NGX Exchange ended the year with a 45.90% y/y increase, marking the fourth consecutive annual gain. The market capitalization also saw significant growth, adding ₦13.00trn y/y to close at ₦40.92trn.

Looking at the sector indices, all sectors showed positive performance year to date. NGX Oil and Gas emerged as the best performer, gaining 125.29%, followed by NGX Banking (+112.51%), NGX Consumer Goods (+93.14%), NGX Insurance (+79.37%), NGX Pension (+79.20%), NGX 30 (+50.74%), and NGX Industrial Goods (+12.84%).

Today’s market activities indicated a higher trade turnover compared to the previous session, with the value of transactions increasing by 126.23%. A total of 368.63 million shares valued at ₦12.82 billion were exchanged in 6,732 deals. ZENITHBANK (+1.18%) led the volume chart with 28.88 million units traded, while GEREGU (+0.00%) topped the value chart with deals worth ₦7.22bn..

The market ended on a positive note, with advancing stocks outnumbering the declining ones at a ratio of 3.07-to-1. Taking the lead on the leader’s table was TRANSCOHOT (+10.00%), outperforming forty-five (45) other stocks. On the other hand, SUNAASSUR (-5.17%) led the laggard’s log, leaving fourteen (14) other stocks behind.SOURCE: Coronation Merchant Bank

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