The stock market opened on a highly bullish note as shares surged further lifting the Nigerian Stock Exchange All-Share Index by four per cent to close at 32,243.05, while market capitalisation added N641.1 billion to be at N16. 8 trillion.
For instance, analysts at Cordros Research had said: “As the Q3 earnings season winds down, we expect investors to shift their attention to yet-to-be published results from the big banks in the week ahead. In the short term, we still see scope for expansion in valuation multiples as hunt for alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market remain positive for stocks.
When trading resumed yesterday, 49 stocks appreciated while 11 depereciated. Although gains by Dangote Cement Plc, MTN Nigeria Plc and BUA Cement Plc influenced the jump recorded by the NSE ASI, Lafarge Cement Plc, Mutual Benefits Assurance Plc, Northern Nigeria Flour Mills Plc and Oando Plc led the gainers’ table with 10 per cent apiece.