Since the Central Bank of Nigeria lowered borrowing cost by 100 basis points to 11.5 percent in the third quarter, the Nigerian Stock Exchange has been on steroids induced type of bullish run.
The Exchange has gained over 15 percent in the final quarter of 2020 alone despite the EndSARS protest that threatened to cripple the nation’s economy just a few months after COVID-19 lockdown.
Stock investors gained N432 billion in the very first 4 hours of Monday as the bourse appreciated by 2.65 percent. This continued until the closing hour.
The market capitalisation of listed equities rose by N641 billion from N16.207 trillion on Friday to N16.848 trillion on Monday.
While the NSE All-Share Index gained 3.96 percent or 1,226.88 basis points from 31,016.17 it closed on Friday to 32,243.05 bps on Monday.
During the trading hours of Monday, investors exchanged 636.010 million shares valued at N8.244 billion in 7,210 transactions. The highest in almost five years.
Dangote Cement led the gainers’ chart with N10.5 or 6.02 percent gain to settle at N185 per share.
MTN Nigeria, the second-most capitalised listed company after Dangote cement, followed with N6.1 or 4.24 percent appreciation to close at N150.1 a unit share. WAPCO, BUA Cement and GTBank added N1.95 or 10 percent, N1.9 or 4.42 percent and N1.75 or 5.22 percent to finished the day at N21.45, N44.9 and N35.25 per shares, respectively.
On the losers’ chart was Conoil Plc with N1.2 or 6.30 percent depreciation to N17.85 per share. NCR, PZ, Learn Africa and Afriprud declined by 0.2 kobo or 10 percent, 0.15 kobo or 3.13 percent, 0.1 kobo or 8.70 percent and 0.09 kobo or 1.45 percent declines to close at N1.8, N4.65, N1.05 and N6.11 per shares.
