NGX-ASI crosses 100,000 points as Santa rally continues

As stock buyers continue their activities on the Nigerian Exchange Limited (NGX) ahead of Christmas, the market rose further on Tuesday by 0.13 percent, pushing the benchmark performance index above 100,000 points.

With investor interest skewed towards select key names in the market, Vetiva research analysts had anticipated a mixed session in Tuesday’s market “as investor pursuit of value persists”.

Stocks like Coronation Insurance, MRS, Caverton, and Lasaco were the major advancers on Tuesday. Coronation Insurance rose from N1.40 to N1.54, adding 14kobo or 10 percent. MRS increased from N132 to N145.20, adding N13.20 or 10 percent. Caverton rose from N2.17 to N2.38, adding 21kobo or 9.68 percent, while Lasaco moved up from N2.55 to N2.79, up by 24kobo or 9.41percent.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from preceding day’s low of 99,922.63 points to 100,050.94 points. The value of listed equities rose to N60.649trillion.

“This week, we will continue to monitor the market for attractive entry points for fundamentally sound stocks, or opportunities to adjust weights on existing portfolio tickers. We will not hesitate to make midweek changes, if necessary,” said CardinalStone research analysts in the December 16 Model Equity Portfolio.

In 9,578 deals, investors exchanged 478,080,829 shares worth N22.512billion. Etranzact, Transcorp Hotel, Oando, Veritas Kapital Assurance, and Sterling Financial Holdings Company were the most traded stocks.