Expectation Rises As Nigerian Stocks Hit Highest Level Ever

 In what could be termed an unprecedented occurence, Nigerian stocks has hit the highest level ever on Tuesday as the all-share index, climbed 0.5 per cent to 66,490.3 basis points.

The all-share index which measures the overall performance of equities, is a very valid indicator for an economic trajectory of a country as a positive growth may boost investor confidence to its markets

The new level effectively pushes a high of 66,371.2 basis points, higher than the best of 5 March, 2008, to the back seat.

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The new administration of Bola Tinubu had introduced some economic reforms including the removal of fuel subsidies and the unification of multiple exchange rates but despite the immediate hardships it has had on the generality of the populace, it has seen Nigerian stocks going on an upward trajectory.

 

The stocks had reached the summit of performance when official record taking began March 1996, even as it relied on buyers’ interest in the shares of big lenders – Access Holdings, Zenith, FBN Holdings and GTCO.

The chase for a good number of consumer goods stocks was a contributory factor to its gains, with equities adding N348 billion at the end of trade.

Analysts at United Capital in their outlook note for the week had submitted:

“We project mixed sentiments toward listed equities, with some investors’ continuing their cherry-picking activities around fundamentally sound stocks with strong potentials in terms of recently disclosed corporate actions".  

Meanwhile, Market breadth, a known indicator of investor sentiment towards trade, had 34 gainers as compared to 32 decliners, a positive rise.

Market capitalisation rose from N36.2 trillion.it reported the previous session to N39.7 trillion with the index returning 29.7 per cent since the beginning of the year.

SEE THE TOP FIVE GAINERS

Flour Mills had a rise of 10 per cent to close at N33. 

Champion Breweries appreciated by 10 per cent to end trade at N3.19. 

NASCON had a 10 percent rise at N54.10.

 Dangote Sugar appreciated by 10 per cent to N57.45.

 NAHCO climbed by 10 per cent to N22.10

SEE THE TOP FIVE LOSERS

CWG was top of the losers list with a 10 percent decline to close at N4.05.

Linkage Assurance declined to 10 per cent to end trade at N0.90.

 Chellarams fell to N3.57, losing 9.9 per cent.

 Prestige fell to N0.46, a 9.8 per cent depreciation.

 UPL closed at N2.15, going down by 9.7 per cent.