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Artificial Intelligence Powers Innovation, Efficiency and Growth in African Mining

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HomeMarketsNigerian Stock Market Ends First Trading Week of the New Year Positive

Nigerian Stock Market Ends First Trading Week of the New Year Positive

The Nigerian stock market closed the first trading week of the year on a positive note. This is driven by gains in Bua Foods (+5.1%), MTN Nigeria (+3.1%), and WAPCO (+3.6%). As a result, the All-Share Index (ASI) advanced by 1.4% w/w to 103,586.33 points, with the Year-to-Date return settling at +0.6%. Trading activity was robust, as both trading volume and value increased by 93.9% w/w and 35.9% w/w, respectively.

Sectoral performance was broadly positive, as the Insurance (+26.9%), Consumer Goods (+2.2%), Banking (+0.6%) and Industrial Goods (+0.5%) indices recorded gains, while the Oil & Gas (-0.4%) index closed the week lower.

Cordros Capital predicts that “as the new year unfolds, we anticipate heightened market volatility with a bullish tilt, driven by ongoing portfolio rebalancing activities as investors respond to evolving macroeconomic conditions, shifting market sentiment, and position for the earnings season ahead”.