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- The Nigerian stock market has reached another new high as investors’ confidence continues to grow amid Tinubu’s government reforms
- Nigerian billionaires such as Aliko Dangote, Abdulsamad Rabiu, and Femi Otedola continue to reap from the market surge
- The Nigerian stock market is now the best performing stocks in the world ahead of Argentina market
The Nigerian stock market set a new record on Thursday, January 19, 2023, as its All-Share Index (ASI) crossed over 91,000 basis points.
ASI is used to track the general market movement of all listed stocks on Nigerian Exchange, including those listed on the Growth Board, regardless of capitalisation.
Photo credit: Presidency
Source: Facebook
Nigerian stock market help billionaire make money
According to data from the Nigerian Exchange Limited (NGX), the ASI rose to 91,896.97 basis points from 90,063.25 achieved a day earlier.
This indicates that the ASI increased by 1,833.72 basis points or 2.04%, bringing the stock market year-to-date growth to 22.90%, and it is now at its highest level ever.
Consequently, the overall market capitalisation on Thursday appreciated to N50.290 trillion from N49.284 trillion it closed the previous day.
This means stock investors which includes Nigerian billionaires, Aliko Dangote, Rabiu Abdulsalam shared over N1.01 trillion after 4 hours of trading
Snapshot of the market
The stock market experienced a boost as investors showed increased interest in Dangote Cement Plc, BUA Cement Plc, MTN Nigeria Communication Plc, and Dangote Sugar Refinery Plc.
Dangote Cement saw an appreciation of 8.27%, closing at N489.90 per share, while BUA Cement rose by 8.96%, closing at N135 per share.
MTN Nigeria and Dangote Sugar Refinery recorded increases of 0.03% and 4.37%, closing at N288.10 and N76.50 per share, respectively
Top Gainers:
- Conoil Plc – +10%
- Eterna Plc – +10%
- JohnHolt Plc – +10%
- NEM Insurance Plc – +10%
- Unity Bank Plc – +10%
- PZ Cussons Nigeria Plc – +9.96%
- May & Bakers – +9.96%
- Mcnichols – +9.94%
- Abbey Mortgage Bank Plc – +9.93%
Top Losers:
- Ikeja Hotel Plc – -9.79%
- Royal Exchange – -9.78%
- Mutual Benefit – -9.57%
- Linkage Assurance Plc – -9.40%
- Japaulgold – -9.33%
UBA joins league of Nigeria’s N1trn banks
Legit.ng reported that on Monday, January 8, 2024, the United Bank for Africa (UBA) hit the N1 trillion mark in market capitalisation.
The bank’s market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.
The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.
Source: Legit.ng
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