Emmanuel Ochayi
The Nigerian Stock Market witnessed a significant milestone on Tuesday as the benchmark performance index crossed the 100,000-point mark. This was driven by increased buying activity on the Nigerian Exchange Limited (NGX) ahead of the festive season. The market recorded a 0.13% rise, pushing the All-Share Index (ASI) from 99,922.63 points to 100,050.94 points.
Investor interest was notably directed toward specific stocks, leading to gains in select names. Vetiva research analysts had earlier forecasted a mixed session for the day, stating that “investor pursuit of value persists,” and their prediction was reflected in the day’s market performance.
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On Tuesday, stocks like Coronation Insurance, MRS, Caverton, and Lasaco emerged as the major gainers. Coronation Insurance rose from N1.40 to N1.54, an increase of 14 kobo or 10%. MRS climbed from N132 to N145.20, adding N13.20 or 10%. Caverton’s share price rose from N2.17 to N2.38, reflecting a 21 kobo or 9.68% increase, while Lasaco’s stock moved up from N2.55 to N2.79, a gain of 24 kobo or 9.41%.
“The performance of these stocks indicates growing investor confidence,” said a stock market trader at NGX. “We expect this momentum to continue as we approach the end of the year.”
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Investor Participation Grows With High-Value Deals
Investor participation was robust, with 478,080,829 shares worth N22.512 billion exchanged in 9,578 deals. The most traded stocks included Etranzact, Transcorp Hotel, Oando, Veritas Kapital Assurance, and Sterling Financial Holdings Company.
Commenting on the trading activity, a market analyst said, “This level of engagement shows that investors are looking for opportunities to position themselves for year-end gains. The liquidity in the market is a good sign for the broader economy.”
Analysts Eye Attractive Entry Points in the Market
CardinalStone research analysts provided insight into the market’s outlook, emphasising that investors would continue to search for attractive entry points. “This week, we will continue to monitor the market for attractive entry points for fundamentally sound stocks, or opportunities to adjust weights on existing portfolio tickers. We will not hesitate to make midweek changes, if necessary,” the analysts stated in their December 16 Model Equity Portfolio.
Stock Market Outlook Remains Positive
The recent surge in the Nigerian Stock Market reflects sustained investor confidence, especially as the year’s end draws near. With the index surpassing 100,000 points, analysts believe this could signal further gains in the coming weeks.
“We expect more buying pressure as the year ends,” said a financial expert from a Lagos-based investment firm. “Investors are actively seeking positions in stocks that have strong growth potential, and this is reflected in the increasing market activity.”
As market sentiment remains upbeat, traders and analysts alike will be watching for further opportunities in the stock market. The next few weeks are expected to bring increased volatility and potential for significant returns for those who position themselves strategically.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
