The benchmark performance indicator of Nigeria’s equities market crossed
50,000 psychological mark on Thursday as Santa Claus rally continues on the Bourse.

“As the year draws steadily to a close, we expect the market to maintain its positive momentum for the remaining sessions, with few opportunities for profit taking along the way,” Lagos-based research analysts at Vetiva said in a December 28 note.

The Index is its highest point since August 8. Year-to-date (YtD), the stock market has risen by 17.75 percent. In 3,989 deals, investors exchanged 498,727,626 shares valued at N3.884billion.

Read also: Stock market rises further by 0.05%

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Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased further from 49,934.6 points and N27.198trillion to 50,300 points and N27.397trillion.

The benchmark index increased by 0.73percent while stock investors booked about N199billion gain.

In 4,480 deals, investors exchanged 490,483,960 shares valued at N7.747billion.

Investors interests in MTNN (+0.47percent), NESTLE (+10percent), SEPLAT (+4.76percent), Nigerian Breweries (+9.04percent) and GEREGU (+10percent) buoyed the market’s positive performance.

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By Iheanyi Nwachukwu • December 29, 2022

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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