Nigeria’s equities market saw one of the greatest one-day gains in 2023 on Monday, with investors capitalizing on the latest market rise to gain N851 billion.
The All-Share Index and equity capitalization increased from 63,040.41 points and N34.326tn to 64,603.69 points and N35.177tn, respectively, increasing the market by 2.48 percent.
The common value-based index known as the NGX ASI, which tracks all share prices at the exchange and began the trading year at 51,251.06 points on January 3, 2023, ended trading on Monday (July 10, 2023) at 64,603.69 points. This indicated a 26% growth that was seen in a short period of time.
The market’s performance was fueled by MTNN, Dangote Cement, and Stanbic’s persistent demand.
The Industrial Goods (+5.13%), Insurance (+4.18%), Oil and Gas (+2.61%), and Banking (+1.73%) indices closed in the green across all market counters, while the Consumer Goods (-0.18%) index fell.
Activity levels increased by 49.80% and 59.11%, respectively, to 1.84 billion units and N22.033bn, which changed hands in 14,584 deals, reflecting the broad market index.
The vice chairman of the board at Highcap Securities Ltd, David Adonri, in an interview, characterized the current market bull run as risky considering the impending fall that may occur once investors start collecting profits.
“At the end of the day, when investors start taking profits, there will be a significant decline if the market is driven by sentiments,” he said.
