The Nigerian stock market wrapped up the year 2019 in the green amid year-end portfolio rebalancing ahead of new year positioning.
Following that positive on Tuesday, December 31, the record 2019 negative return moderated to -14.6 percent. Increased rally this week pushed the positive returns higher by 1.61 percent.
The Nigerian equity market had started the week in the green territory, sustaining the gain recorded in the last trading days of the prior week.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) appreciated by 87 points to close the year at 26,842.07 points. Stocks value closed the year at N12.958 trillion, while capitalisation of listed bonds and Exchange Traded Funds (ETFs) on the NSE stood at N12.91 trillion and N6.5 billion, respectively.
The benchmark index benefitted from the upward movements recorded in major large cap stocks.
Market watchers expect mixed trading sessions post New Year day’s break, with bargain hunting in some counters trading at their current low and profit taking in some of the stocks that gained recently.
“We expect the market to close 2019 on a bullish note amid year-end portfolio rebalancing. However, this may be erased on Thursday and Friday as the market opens for the year,” said research analysts at Lagos-based United Capital.
