The Nigerian Exchange Ltd. (NGX) witnessed a positive start to the year as the market capitalization recorded a significant gain of N666 billion or 1.63 per cent on the first trading day of 2024. This increase brought the total market capitalization to N41.583 trillion, up from N40.917 trillion recorded on the previous trading day.

The All-Share Index also experienced growth, rising by 1,217.11 points or 1.63 per cent to close at 75,990.88, compared to the previous close of 74,773.77. As a result, the Year-to-Date (YTD) return reached 48.96 per cent. The positive performance was attributed to increased trading activities in the shares of select insurance companies, telecommunication firms, and five-star hotels.

AIICO Insurance emerged as the top gainer with a 10 per cent increase, closing at 88k per share. Daar Communications and Ikeja Hotel followed suit with a similar growth of 10 per cent each, closing at 99k and N6.60 per share, respectively. Infinity Trust Mortgage Bank and Linkage Assurance also recorded a 10 per cent gain, closing at N6.60 and 88k per share, respectively.

On the downside, Cadbury and Mecure led the losers’ list with a decline of 10 per cent each, closing at N17.1 and N10.89 per share. Thomaswy also experienced a 10 per cent drop, closing at N2.43 per share. Additionally, Prestige Assurance lost 9.80 per cent to close at 46k, while Omatek declined by 9.21 per cent, closing at 69k. (Source: NAN)

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