News Formal

Stocks hit more than five-year high, gain N710bn

  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 63%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

The Nigerian stock market sustained its positive outlook on Tuesday for the 12th trading session as the All-Share Index rose by 4.92 per cent to its highest in more than five years.

The market capitalisation of equities appreciated by N710bn to hit N15.11tn from N14.40tn as market sentiment remained in the green zone.

The premium subsector was the most active ; with 436.43 million shares exchanged by investors in 3,754 deals. According to Bloomberg, local investors have flocked to the stock market in search for returns as yields on government debt dropped after a surprise September rate cut aimed at stimulating the economy in Africa’s largest oil producer.

Market giant Dangote Cement Plc, which climbed 9.9 per cent, MTN Nigerian Communications Plc, up 5.7 per cent, and Zenith Bank Plc, which gained 9.5 per cent, were the three biggest contributors to Tuesday’s advance. “That is why the rally is not broad-based — few names across sectors have benefited from the rally,” said Ologunro. This “trend is different from what is expected whenever the market is bullish,” he said.

The rapid run-up in Lagos stocks has sparked at least one warning signal: the 14-day relative strength index on the benchmark equity gauge has climbed above 96, well above the level of 70 that signals to some technical analysts that the gains may be overdone and ripe for a correction. The market is looking the most overbought since August 2006.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 8. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

If you're interested in trading the fore x market and getting accurate free signals, I have a leadership group you might be interested in. Send me a DM

Hey guys, like my comment and follow me for immediate follow back.

The only good thing about nigeria this year.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Wall Street Stocks Fall As Trump Ends Stimulus TalksWall Street Stocks Fall As Trump Ends Stimulus Talks If you are here on Twitter to make friends, follow me and I'll follow back INSTANTLY🤪❤️😎 Trumpppp He can't Negotiate.
Källa: channelstv - 🏆 7. / 63 Läs mer »

Stocks Market Hits New High on Sustained Bargain Hunting - THISDAYLIVEBy Goddy Egene Trading in the domestic equities market continued on bullish note as bargain hunting lifted indicators to new record highs. The Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) rose 2.1 per cent, the highest daily gain since May 5, to close at 27,554.49. Thus, the year-to-date performance, which entered positive territory last … APCNigeria
Källa: THISDAY LIVE - 🏆 14. / 51 Läs mer »

Stocks: Domestic investors stake N731bn in eight monthsWhat's this pls?
Källa: MobilePunch - 🏆 8. / 63 Läs mer »

Stock investors gain N350bn as market cap hits N14tn
Källa: MobilePunch - 🏆 8. / 63 Läs mer »

Stocks Market Hits New High on Sustained Bargain Hunting - THISDAYLIVEBy Goddy Egene Trading in the domestic equities market continued on bullish note as bargain hunting lifted indicators to new record highs. The Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) rose 2.1 per cent, the highest daily gain since May 5, to close at 27,554.49. Thus, the year-to-date performance, which entered positive territory last … APCNigeria
Källa: THISDAY LIVE - 🏆 14. / 51 Läs mer »

Nigeria stock market rises by N297 billion, amid Airtel, Seplat gainSpecifically, the market capitalisation inched higher by N297 billion or 2.11 per cent.
Källa: PremiumTimesng - 🏆 3. / 78 Läs mer »