The Nigerian stock market opened 2024 financial year on a promising note yesterday.
They netted a capital gain of more than N665 billion amid optimism that early gains of major reforms will boost the economy during the year.
The transaction pattern in the first trading day of the year sustained the bullish momentum that saw investors earning N12.81 trillion as capital gains last year.
All benchmark indices at the stock market closed positive with intense bargain-hunting for stocks across the sectors.
Three of every four transactions were closed at premium, underlining a seller’s market where overwhelming demand pushes prices up.
Price changes at the Nigerian stock market is based on effective demand with price movement tied to minimum volume of shares and on-the-table, immediate order for the trading.
The average return yesterday stood at 1.63 per cent, equivalent to net capital gain of N665 billion.
