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Abstract：Nigeria’s stock market kicked off the trading week with strong momentum, boosting investor assets by ₦52 billion. Market confidence is high, creating a rare investment boom!
On the first trading day, the All-Share Index (ASI) rose by 83.31 points, up 0.08%, closing at 106,621.91 points. The market capitalization also climbed by ₦52 billion, reaching ₦66.769 trillion. This positive performance delivered substantial returns to investors, fueling optimism and steady trading activity.
The surge was mainly driven by gains in large and mid-cap stocks, including multinational corporations, Eterna, Africa Prudential, Dangote Sugar, and MRS Oil Nigeria. Among them, Eterna recorded the highest gain of 9.96%, followed by Transcorp with a 9.91% increase and FCMB Group rising by 9.89%.
Africa Prudential and ABC Transport also saw notable gains of 9.85% and 8.67%, respectively. On the other hand, some stocks, such as VFD Group, International Energy Insurance, and Cadbury Nigeria, experienced slight declines, but this did not disrupt the markets upward momentum.
Looking ahead, investors are preparing for the 2024 earnings season and potential corporate actions, indicating further market growth.
However, the rising interest rates in the fixed-income market may pose some challenges, leading to cautious sentiment among certain investors. Despite this, market confidence remains strong, and the stock market is expected to continue delivering attractive opportunities.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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