Dangote, Otedola, Others Share Over N1trn in 4hrs As Nigeria Stock Market Sets New Record

Jan 19, 2024 | Uncategorized


  • 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.

Stock market performance
Nigeria stock performance under Tinubu govt is very impressive
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.

Read also

Dangote makes $2 billion in 17 days after refinery commences production, investors rush shares

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.

Read also

Dangote Cement overtakes Airtel to become most valuable company in Nigeria

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.

Read also

Another Aliko Dangote’s company crosses N1 trillion market value on Nigerian Exchange

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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