Nigerian stocks maintained their upward trend throughout the week to post net capital gains of N213 billion during the festive period.
According to the Nation, the average return on the Nigerian stock market was 0.79 percent, which corresponds to a net capital gain of N213 billion. This caused the average year-to-date return on the Nigerian stock market to rise to 16.36 percent.
Nigerian equities outperformed other global advanced markets, with Nigerian stocks acting as the contrarian in a worldwide market dominated by negative sentiment
Despite anticipated declines owing to profit-taking transactions and the need for cash during the holiday season, most investors concentrated on positioning themselves for the year-end earnings seasons.
The majority of publicly traded Nigerian companies use the 12-month Gregorian calendar year as their fiscal year. All mentioned companies on the Nigerian stock exchange must present their audited annual report accounts within ninety days of the close of the fiscal year.
The All Share Index (ASI) – the value-based common index that tracks all share prices at the Nigerian Exchange concluded the weekend at a nearly four-month high of 49,706.09 points compared to its opening index of 49,316.29 points.
The market value of all quoted shares simultaneously increased from its opening value of N26.861 trillion to N27.074 trillion, surpassing the N27 trillion threshold.