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Santa rally pushes NGX ASI above 50,000 psychological mark

Stock market sees 0.37% rise in week ended November 17

The benchmark performance indicator of Nigeria’s equities market crossed
50,000 psychological mark on Thursday as Santa Claus rally continues on the Bourse.

“As 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,” Lagos-based research analysts at Vetiva said in a December 28 note.

The Index is its highest point since August 8. Year-to-date (YtD), the stock market has risen by 17.75 percent. In 3,989 deals, investors exchanged 498,727,626 shares valued at N3.884billion.

Read also: Stock market rises further by 0.05%

Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased further from 49,934.6 points and N27.198trillion to 50,300 points and N27.397trillion.

The benchmark index increased by 0.73percent while stock investors booked about N199billion gain.

In 4,480 deals, investors exchanged 490,483,960 shares valued at N7.747billion.

Investors interests in MTNN (+0.47percent), NESTLE (+10percent), SEPLAT (+4.76percent), Nigerian Breweries (+9.04percent) and GEREGU (+10percent) buoyed the market’s positive performance.