Stock market rally continues

Nigeria’s stock market rally continued on Tuesday, rising by 0.33 percent as more investors hunt for value.

Another session of positive close on the Bourse has pushed this year’s return year-to-date (YtD) to +40.30percent. This week, the market has risen by 0.51 percent while this month it has gone up by 0.76percent.

At the close of trading on Tuesday December 12, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased by further by 0.33 percent from 71,669.91 points to N39.218 trillion respectively to 71,907.26 points and N39.348trillion.

Infinity Trust Mortgage Bank led the rally after rising from N1.94 to N2.13, up by 19kobo or 9.79percent. SCOA followed after its share price rose from N1.48 to N1.62, up by 14kobo or 9.46percent. Neimeth also went up from N1.90 to N2.05, adding 15kobo or 7.89percent.

Stocks value increased by about N138billion. In 6,498 deals, investors exchanged 319,556,627 shares worth N5.877billion. Julius Berger, Zenith Bank, FCMB Group, GTCO and Access Corporation were actively traded stocks.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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