Market extends Santa rally by 0.41%

Nigeria’s equities market furthered its gaining streak on Wednesday, the week’s first trading day. The market rose by 0.41 percent at the close of the trading session on Wednesday, December 28.

“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,” Vetiva research analysts said on Wednesday.

Year-to-date (YtD), the stock market has risen by 16.90 percent. In 3,989 deals, investors exchanged 498,727,626 shares valued at N3.884 billion.

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Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from 49,706.09 points and N27.073 trillion respectively to 49,934.6 points and N27.198 trillion. Investor booked about N125 billion.

“We anticipate market activity to slow significantly due to the holiday break. However, we expect bullish sentiments to continue.

“Also, portfolio rebalancing is another critical activity to continue to look out for from investors as the year rounds up,” United Capital research analysts said.

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