• Wednesday, December 25, 2024
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Investors book N504bn gain as stocks rally into Christmas

Market rallies further by 0.43% as investors hunt undervalued stocks

…NGX-ASI rises further by 0.82%

Nigeria’s equities market rallied further on Tuesday by 0.82 percent, the last trading day before Christmas holidays.

Investors booked additional gain of about N504 billion as Santa Claus rally persisted on the Nigerian Exchange Limited (NGX).

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further from preceding trading day’s lows of 101,356.15 points and N61.440 trillion respectively to
102,186.03 points and N61.944 trillion.

MRS lead the stocks that spurred market’s further rally after its price rose from N198 to N217.80 adding N19.80 or 10 percent. Ikeja Hotel share price also moved from N10.05 to N11.05, adding N1 or 9.95 percent.

Multiverse Mining and Exploration share price moved from N5.05 to N5.55, adding 50 kobo or 9.90 percent.

Skyway Aviation Handling Company increased moved from N27.95 to N30.70, up by N2.75 or 9.84 percent, while John Holt rose from N5.88 to N6.45, adding 57kobo or 9.69 percent.

“In lieu of any drivers to shift the current bullish sentiment in the market, we expect the market to close in the green, as investors remain keen on fundamentally sound names”, Vetiva Research analysts had said in their note to investors ahead of Tuesday’s trading.

Stocks like UBA, Universal Insurance, Dangote Cement, C &I Leasing and GTCO were actively traded on Tuesday. In 8,369 deals, investors exchanged 431,779,441 shares worth N18.262 billion.

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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