• Monday, February 26, 2024
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Stock market opens year 2024 on a positive note

Stock market opens year 2024 on a positive note

…NGX reveals results of half-year review of market indices

Nigeria’s equities market furthered its rally into 2024, rising by 1.63 percent on Tuesday, the first trading day of the new year.

At the close of trading, the Nigerian equities market which closed the year 2023 with equities capitalisation at N40.917trillion and NGX All Share Index (ASI) at 74,773.77 points rose to 75,990.88 points and N41.583trillion respectively.

The record positive close pushed stocks value higher by N666billion. In 9,370 deals, investors exchanged 515,807,533 shares worth N5.573billion.

Nigerian Exchange Limited (NGX) has announced the results of its half year market index review for the following indices – NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index; Meristem Growth Index; Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.

The review has led to the entry and exit of some companies from several indices which took effect at the open of the market on Tuesday January 2, 2024.

Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively. NGX indices are developed to allow investors efficiently track market movements and properly manage investment portfolios.