Within just three trading days into this week, investors at the Nigerian Stock Exchange (NSE) have seen the value of their stocks rise by about N1.18trillion (+7.26 percent) as excess liquidity continues to drive bellwether stocks higher.
With yields in short dated instruments still very much unattractive in the fixed income (FI) market, market watchers expect the equities market to continue to benefit from inflow of funds.
Though, with the level of gains recorded in the last few sessions, the possibility of profit taking cannot be ignored in coming sessions.
Again, the market which is still bullish closed in the green on Wednesday with the NSE All Share Index (ASI) rising by 1.90percent, and year-to-date (ytd) positive return seen higher at +23.94percent. This month, the stock market has risen by 8.97percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased from 32,647.10 points to 33,268.36 points; while market capitalisation increased by N324billion, from N17.059billion to N17.383trillion.
Top on the list of advancers that spurred Wednesday’s rally are: Nigerian Breweries, Presco, MTNN, Guinness and NASCON.
Nigeria Breweries Plc moved up most from N52.5 to N57.5, adding N5 or 9.52percent. Presco advanced from N68.5 to N72.5, up N4 or 5.84percent. MTN N increased from N156.2 to N160, adding N3.8 or 2.43percent.
Guinness rose from N19 to N20.9, adding N1.9 or 10percent, while NASCON advanced from N15.45 to N16.95, up N1.5 or 9.71percent.
In 8,142 deals, investors exchanged 858,156,620 units valued at N9.062billion. FBN Holdings, Transcorp, Zenith Bank, UBA, and Access Bank were actively traded stocks.
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