Stock market increased by N2.08trn in November

...sees first gain this week

Nigeria’s stock market on Wednesday, November 30 rose by N184 billion or 0.71 percent, halting the record two-day negative trend on the local Bourse.

The market increased by 8.72 percent or N2.08 trillion in November.

The market’s performance indicators – the All Share Index (ASI) and equities capitalisation – had opened the review month at 43,839.08 points and N23.877 trillion.

The equities market’s positive return year-to-date (YtD) increased to + 11.57 percent.

United Capital led the gainers league after its share price moved up from preceding day’s low of N12.35 to N13.35, up by N1 or 8.10 percent.

It was followed by that of UACN which move up from N9.55 to N10.50, adding 95kobo or 9.95 percent.

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Likewise, Wema Bank advanced from a low of N3 to N3.30, up by 30kobo or 10percent; while Academy Press made the top advancers league after its share price moved from N1.27 to N1.39, adding 12kobo or 9.45percent.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from 47,322.97 points and N25.775trillion respectively to 47,660.04 points and N25.959trillion.

FBN Holdings, Fidelity Bank, Zenith Bank, Wema and Stanbic IBTC were top-5 traded stocks on the Nigerian Exchange Limited. In 3,227 deals, investors exchanged 107,019,872 shares valued at N1.318billion.

Analysts at Lagos-based United Capital research had this week expected the impact of the recent 100 basis points (bps) MPR hike to surface in the local bourse, “as investors will look to book profits from the recent rally. We expect money market yields to continue to respond to the MPC’s persistent policy tightening, driving renewed interest from investors. In addition, technical signals indicate the market is due a breather following the extended rally.”