Nigerian stocks ranked world’s best-performing stock market

Nigerian Stock market ended the first trading session on an impressive note.

The All Share Index gained +0.80% to close at 39,110.17 index points as against the -0.01% drop recorded at the last trading session (Thursday).

READ: CBN will continue monetary policy aimed at boosting stock market

• Its Year-to-Date (YTD) returns are currently at +45.70%. Nigerian Stock Exchange market capitalization now stands at N20.447 trillion.
• Also, the Nigerian bourse trading turnover on Tuesday soared higher as market turnover closes rallied up by 72.38% as against the 73.97% plunge recorded on Thursday. AIICO, OANDO, and FBNH were the most active to boost market turnover.
• The market breadth closed negative as NEM led 18 Gainers as against 20 Losers topped by NCR at the end of today’s session – an unimproved performance when compared with the previous outlook.

READ: What to expect from Nigeria’s capital market in 2021

For context read: Nigerian Stocks drop despite Airtel Africa hitting an all-time high

Top gainers

1. NEM up 9.56% to close at N1.49
2. NPFMCRFBK up 8.39% to close at N1.68
3. BUACEMENT up 6.67% to close at N64
4. ACCESS up 4.07% to close at N8.95
5. ZENITHBANK up 2.04% to close at N25

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Top losers

1. NCR down 9.68% to close at N1.96
2. CAP down 2.44% to close at N20
3. FLOURMILL down 1.61% to close at N27.5
4. GUINNESS down 1.03% to close at N19.3
5. GUARANTY down 0.30%to close at N32.7

READ: Airtel Africa to sell its 4,500 tower assets to cut down $3.5 billion debts

Outlook
Nigerian stocks are headed for their best annual gain in about seven years amid soaring oil prices at the US trading session.

The Nigerian All-Share index in Africa’s largest economy recorded its best return, rising 45.7% this year, the most among 93 equity indexes tracked by Bloomberg. It’s the world’s best-performing stock market year-to-date.

READ: Dangote Cement, MTN, Nigerian Breweries, 9 others raise N478.4 billion from commercial papers

• NSE30 Stocks, most especially Dangote, Airtel Africa, BUA cement increased the bullish trend at unprecedented levels, as Nigerian Stocks continues to attract institutional funds at a steady pace and the ultra-low rate environment seen lately in the debt market encouraged investors to invest more in local stocks exhibiting good fundamentals.
• Nairametrics recommends you seek the advice of a Stockbroker amid price volatility presently prevailing at medium and large capitalized stocks.