Lagos,Jan.5, 2024:The nation’s bourse Equity market on Friday strengthened massively, with investors gaining N899billion or 2.11 per cent to end trading for the week.
Consequently, the Nigerian Exchange Ltd(NGX)market capitalisation closed at N43.593trillion as against N42.694trillion recorded on Thursday and N2.68 trillion gained week by week.
The benchmark of the All-Share Index(ASI) also earned 2.11 per cent or 1,644 points to settle at 79,664.66, as against 78,020.54 recorded previously and 6.54.per cent higher week by week.
Specifically, the Year-To-Date (YTD) return rose by 6.54 per cent, as investors traded 892.68million shares valued at N14.33billion in 13,019 deals.
However the market terrain was positive as a result investors buying interest in the shares Dangote Cement, MTN Nigeria, Zenith bank, which off-set sell-offs in Dangote Sugar, NASCON and Guinness.
Meanwhile, on the activity chart, Fidelity bank led in volume with an exchange of 92.668million units shares valued at N1.31billion, followed by Transcorp with 75.430million units shares of deals worth N954.95million.
Sterling Nigeria exchanged 71.553million units shares valued at N399.96million, while FCMB traded 56.850million units shares valued at N541.82million and UBA exchanged 45.983million shares valued at N131.72million.
On the gainers chart, Nigerian Aviation Handling Company Plc(NAHCO), followed by UPDC Real Estate Investment Trust(UPDCREIT)led in percentage terms of 10 each to close at N28.60 and N1.65 per share respectively.
Transcorp and Wema bank also gained 9.99 per cent each to close at N12.66 and N7.38 per share respectively, while Transcorp hotel made a profit of of 9.92 per cent to close at N84.85 per share.
Conversely, Multiverse led the losers chart with 9.99 per cent to close at N18.20, SCOA Nigeria trailed with 9.94 per cent to close at N1.63, while ABBEYBDS lost 9.86 per cent to close at N2.65 per share.
UPDCREIT also shed 9.33 per cent to close at N6.30 and declined by 8.97 per cent to close at 71k per share.
However, analysis of the market outlook by some financial experts revealed that trade on the Exchange have appreciated due to a wave of “buy the hype”, and the ASI may hit the 80,000 mark in the coming weeks.
Mr Adetola Freeman, Regional Analyst, FBS Africa, had noted that while the ASI may hit 80,000 mark, underlying economic factors could cause a decline in the enthusiasm of investors subsequently.
Freeman said, this may also pressure existing shareholders to sell off their holdings
He noted that the fact that the current market outlook is extremely positive could be another cause for smart money investors to take a pause.
Freeman stated that this will later lead to a bullish run before the end of the first quarter and give birth to a new batch of investments in the NGX