Specifically, the All-Share Index which opened trading for the year at 26, 842.07 rose by 13, 428.65 points or 50.03 per cent to close at 40, 270.72.
According to Bloomberg, the Nigerian equities benchmark index in Africa’s largest economy recorded its highest return in 2020, the best among 93 equity indexes it tracked.Commenting on the market performance, Uche Uwaleke, a financial economist and Professor of Capital Market at Nasarawa State University, Keffi, described 2020 as a year of bumper harvest.
“The way to sustain the momentum is for the CBN to continue to ensure a low interest rate environment through accommodative monetary policies that tend to support economic growth,’’ Uwaleke said. NNFM followed with 9.95 per cent to close at N6.74, while C & I Leasing rose by 9.94 per cent to close at N5.20 per share.
Eterna followed with a loss of 9.09 per cent to close at N5.10, while AIICO Insurance declined by 8.87 per cent to close at N1.13 per share. This was in contrast with a total of 372.93 million shares valued at N11.50 billion achieved in 5, 186 deals on Wednesday.