The usual January momentum continued to dominate Nigeria’s stock trading sessions as investors on Wednesday furthered their positioning ahead of the full-year results of listed companies.

The market has risen this year by 0.79 percent. Stocks like Nigerian Breweries, NAHCO, FCMB and Fidelity Bank helped push the market higher.

Lagos-based Vetiva research analysts had ahead of Wednesday’s trading anticipated investors to start snapping up names in anticipation of the full-year results.

At the close of the trading session on Wednesday, January 4, the market’s benchmark performance indicators – Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from the preceding day’s low of 51,595.66 points and N28.102 trillion respectively to 51,657.56 points and N28.136 trillion.

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Nigerian Breweries moved up from N41 to N45.10, up by N4.10 or 10 percent, followed by NAHCO which rose from N7 to N7.70, up by 70kobo or 10percent.

FCMB moved up from preceding day low of N3.51 to N3.86, up by 35kobo or 9.97percent, while Fidelity Bank rose from N4.36 to N4.79, up by 43kobo or 9.86percent.

In 4,156 deals, investors exchanged 265,725,890 shares valued at N13.528billion.

“We anticipate a muted performance from the NGX in first quarter (Q1) 2023 as focus turns to the general elections in February. However, given our expectation of a recovery in second half (H2) 2023, we continue to anticipate that the NGX will provide double-digit returns in 2023,” said FBNQuest Capital research analysts in their January 4 note to investors.

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By Iheanyi Nwachukwu • January 5, 2023

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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