WED JAN 08 2025-theGBJournal| The Nigerian equities market closed on Wednesday on a positive note as bargain hunting in MTNN (+10.0%), TRANSCORP (+10.0%), and FBNH (+6.6%) drove the All-Share Index higher by 0.8% to 104,230.73 points.
The Year-to-Date return inched higher to +1.3% with market capitalization and index value at N63.558 trillion and 104,230.73 respectively.
The total volume of trades declined by 32.0% to 756.42 million units, valued at NGN24.69 billion, and exchanged in 13,551 deals.
FBNH was the most traded stock by volume at 125.71 million units, while GEREGU was the most traded stock by value at NGN11.39 billion.
Sectoral performance was mixed as the Banking (+0.6%) and Consumer Goods (+0.1%) indices advanced, while the Insurance (-0.3%) and Oil & Gas (-0.1%) indices settled lower. The Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was mixed (1.0x), as 27 tickers gained relative to 27 losers. MTNN (+10.0%) and TRANSCORP (+10.0%) led the gainers, while SUNUASSUR (-10.0%) and UNIVINSURE (-9.0%) posted the most significant losses of the day.
The positive sentiments kick-started the year 2025, as the NGX All Share Index closed the first week gaining 142bps and bringing the weekly gain to 0.64%.
The gains were buoyed by strong buying interest in BUAFOODS (+5.09% w/w), MTN Nigeria (+3.09% w/w), and Lafarge Africa (+3.62% w/w).
On a sectoral basis, positive momentum following the passage of the Insurance
Reform Bill, 2024, lead to a notable 26.91% gain in the NGX Insurance Index.
The NGX Consumer Goods Index (+2.16%), the NGX 30 Index (+1.25%), the NGX Pension
Index (+1.13%), the NGX Banking Index (+0.58%) and the NGX Industrial Goods Index
(+0.50%) also closed in the green while the NGX Oil and Gas decreased by 0.45%.
Meanwhile, all major bourses in European markets turned red Wednesday after the European Commission released preliminary data showing its economic sentiment indicator had dropped 1.7 points in the EU and 1.9 points in the euro area in December.
The pan-European Stoxx 600 index dopped 0.13% for most of the morning session
Most U.S stocks also dropped with the Nasdaq trading down 0.25%.
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