Bullish market puts Nigerian stock buyers in happy mood ahead of Yuletide
...over N1.3trn gained in one week
It is truly happy moment for Nigerian stock investors as the market have successfully defied many thoughts ahead of the Yuletide. Cummulatively, stock investors gained about N1.33trillion in one week.
In the trading week ended Friday December 18, the market increased by 7.46 percent amid five consecutive days of gains. Also, the market’s positive return year-to-date (YtD) printed higher at +37.12 percent.
Equity buyers showed remarkable interests in mid-to-large cap stocks particularly those that have potential to rally further as well as those that have records of full year dividend payments.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation increased from week open low of 34,250.74 points and N17.902 trillion respectively to 36,804.75 points and N19.236trillion at the close of the review week’s trading session.
All sectoral indices closed the review week in green – NSE Banking Index (+5.12percent), NSE Consumer Goods Index (+3.08 percent), NSE Industrial Index (+7.74percent), NSE Insurance Index (+13.39percent), and NSE Oil and Gas Index (+1.34percent).
“With the positive investor sentiment that dominated the week showing no signs of abating, we expect a positive start to a truncated trading week.
“With the year fast coming to a close, we believe savvy investors will remain keen to lock in to some attractive names in anticipation of further returns and solid dividend yields in the new year. Thus, we expect further gains to dominate the few trading sessions left in 2020”, said equity research analysts at Vetiva Securities in their December 18 note to investors.