Nigerian stocks hit a five-year high with N708b gains

 Nigerian stocks hit a five-year high with N708b gains

Nigerian equities broke all limits to hit their highest gain in more than five and a half years as intense bargain-hunting  for value and growth stocks saw the market with net capital gain of N708 billion.

With nearly six advancers for every decliner, average price gain at the stock market surged to 4.92 per cent, the highest daily gain since March 2015.

Average year-to-date return jumped to 7.7 per cent, putting equities’ investors comfortably ahead of most fixed-income securities.

Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) rose from its opening value of N14.402 trillion to hit N15.110 trillion, representing net capital gain of N708 billion in a single trading session.

The All Share Index (ASI)- the value-based common index that tracks share prices at the NSE also rose from its opening index of 27,554.49 points to close at 28,909.37 points.

Market analysts attributed the continuing upswing to sustained buy interest in several companies, especially large-cap stocks in major sectors of the economy.

LTV

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