Stock market opens 2023 on a positive note

Nigeria’s equities market opened in the year 2023 on a positive note, rising by 0.67 percent on Tuesday, the first trading day of the year.

“With the year closing on a positive note, we anticipate more positive activity to start the new year, as investors take positions ahead of year-end results. However, we do not rule out further profit-taking in the banking sector in the first few sessions of the new year,” Vetiva research analysts said in their January 3 note.

BUA Foods led the gainers league after its share price moved up from the preceding day’s low of N65 to N71.50, up by N6.50 or 10 percent.

NAHCO also rose from N6.40 to N7, up 60kobo or 9.37 percent. UBA rose from N7.60 to N8.30, up 70kobo or 9.21 percent.

Read also: BUA Foods, Wema Bank make NGX 30 Index as Oando, Union Bank exit

In 4,122 deals, investors exchanged 321,674,780 shares valued at N4.349 billion. FBN Holdings, GTCO, AIICO, UBA and Access Corporation were top-5 traded stocks on the Nigerian Exchange Limited (NGX).

Also in their note to investors, United Capital research analysts said, “We anticipate robust market activity and bullish sentiments to continue. The usual January momentum is likely to dominate particularly as the yield environment appears to be shifting downwards”.

At the close of trading session on Tuesday January 3, the market’s benchmark performance indicators – Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from preceding day low of 51,251.06 points and N27.915trillion respectively to 51,595.66 points and N28.102trillion.