After border reopening, stock market gains N296bn

An expert attributed the market rally to reopening of four land borders.

News Agency of Nigeria • December 18, 2020

Nigerian Stock Market trade floor (Photo Credit: Bloomberg)

The Nigerian Stock Exchange (NSE) market capitalisation on Friday rallied by N296 billion to cross N19 trillion mark, amid gains by some blue chips.

Specifically, the market capitalisation which opened at N18.940 trillion rose by N296 billion or 1.56 per cent to close at N19.236 trillion.

Also, the NSE All-Share Index inched higher by 565.13 points or 1.56 per cent to close at 36,804.75 from 36,239.62 achieved on Thursday.

Ambrose Omordion, Chief Operating Officer, Invest Data Ltd., attributed the market rally to reopening of four land borders and low yield environment in the fixed income instruments.

Mr. Omordion said that many positive factors were in favour of the stock market when compared with the money market.

He said that the reopening of four land borders across the country after 15 months, oil price rally, COVID-19 vaccine and expected early passage of 2021 budget were responsible for the bullish market.

Dangote Cement led the gainers’ table with N9.50 kobo to close at N209.50 per share.

It was followed by MTN Nigeria with N5 to close at N160, while Ardova gained N1.05 to close at N14.30 per share.

Guinness added 40k to close at N19, while Oando gained 28k.

On the other hand, C & I Leasing topped the losers’ chart, shedding 47k to close at N4.31 per share.

United Capital trailed with 6k to close at N4.65, while May & Baker dipped by 4k to close at N3.85 per share.

Lasaco declined by 2k to close at 30k, while UAC Property was down by 1k to close at 79k per share.

Niger Insurance was the most active stock with an exchange of 130.24 million shares valued at N26.05 million.

Guaranty Trust Bank sold 23.43 million shares worth N790.82 million, while Mansard traded 21.75 million shares valued at N20.01 million.

FBN Holdings accounted for 21.33 million shares worth N150.48 million, while Zenith Bank sold 20.22 million shares valued at N501.09 million.

In all, investors traded 426.33 million shares valued at N4.36 billion exchanged in 4,298 deals.

This was against 343.64 million shares worth N4.35 billion achieved in 3,895 deals on Thursday.

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