• Thursday, March 28, 2024
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BusinessDay

NSE pushes best run from start of New Year to 4th trading session

Nigerian stocks

Nigerian Stocks on Tuesday gained nearly 1 percent in a record run that has seen the Lagos bourse halt the trend of an early loss in a New Year.

The market has gained for four consecutive trading sessions in 2020, extending a bullish run that started after the Boxing Day. This would be the first time since 2013, at least, the market has not recorded a loss in its first four trading days of a year.

Last year the market closed in the red in its first six trading sessions.

The main equity gauge rose by 0.9 percent after PZ and Fidson gained 9.8 percent each to jointly lead the gainers for the day.

UnityBank gained 9.59 percent, Consolidated Hallmark Insurance gained 9.09 percent and Cornerstone insurance gained 8.62 percent to round off the top-five advancers chart.

Meanwhile, NCR declined 10 percent, Livestocks fell 8 percent, Courtville shed 7.69 percent, while Forte Oil and JaizBank declined by 6.11 percent and 4.41 percent respectively.

Year-to-date, the market has risen 2.77 percent so far.

Nigerian stocks slid for the second year in a row to return -14.6 percent last year, while global stocks rose 25.2 percent, Frontier Market gained 13.5 percent and Emerging Market advanced by 15.4 percent.

However, United Capital analysts expect a positive return of 5.3 percent in 2020.