The Nigerian stock market started the year 2024 on a positive trajectory, experiencing a notable gain of N1.512 trillion in the first two trading days. The All-Share Index saw a 3.70% increase, opening the year at 74,773.77 points and closing on January 3, 2024, at 77,537.57 points. Market capitalization also rose from N40.918 trillion to N42.430 trillion during the same period.

Market analysts observed that the positive momentum continued from the bullish performance and Santa Claus rally in the previous year. Anticipation is building ahead of the release of unaudited fourth-quarter financials of listed companies and the first Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting for the year.

Afrinvest Limited predicted an extended rally, stating, “Tomorrow, we anticipate an extended rally on the bourse, as investors continue to bet on a favorable equities outlook for the year.”

Ambrose Omordion, the Chief Operating Officer of InvestData Consulting Limited, highlighted expectations for positive sentiment and trends, suggesting a continuation of the upward movement. He advised investors to capitalize on potential price corrections and consider global and domestic trends.

Examining market activities, key contributors to the positive trend included medium and large-cap stocks such as Presco, Conoil, BUA Foods, Stanbic IBTC Holding, and FBN Holdings. Market breadth reflected positive sentiment, with 72 stocks recording gains against seven losers.

Top gainers included Berger Paints, Dangote Sugar Refinery, Cornerstone Insurance, Custodian Investment, FCMB Group, Ikeja Hotels, Morison Industries, NASCON Allied Industries, United Bank for Africa (UBA), University Press, and Infinity Trust Mortgage Bank.

Conversely, Learn Africa led the losers’ chart, followed by Champion Breweries and C&I Leasing. Nigerian Exchange Group and Ellah Lakes also experienced declines.

Overall trading activity saw a 79.83% increase in total volume traded, reaching 927.558 million units valued at N10.691 billion, exchanged in 11,629 deals.

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