Stocks gain N467bn as Santa Claus rally persists on NGX

Nigeria’s equities market continued its positive momentum on Thursday, with a 0.77 percent increase as investors raced to capture value ahead of the year-end.

The market saw a significant gain of N467 billion, driven by major stocks such as UACN, Aradel Holdings, Honeywell Flour Mills, NAHCO, and MRS. Stocks like Universal Insurance, AIICO, UBA, GTCO, and Prestige Assurance were also actively traded during the session.

Notable movers on the top gainers list included UACN, which rose from N25 to N27.50, adding N2.50 or 10 percent. Aradel Holdings surged from N664 to N730.40, gaining N66.40 or 10 percent.

Honeywell Flour Mills increased from N5 to N5.50, adding 50 kobo or 10 percent. NAHCO rose from N38.15 to N41.95, gaining N3.80 or 9.96 percent, while MRS climbed from N159.70 to N175.60, adding N15.90 or 9.96 percent.

Analysts at Lagos-based Vetiva Research noted ahead of Thursday’s trading that no significant changes were expected to alter the prevailing market sentiment, forecasting another positive session for the market.

In total, investors traded 411,374,218 shares across 10,260 deals, valued at N26.303 billion. This month, the market has risen by 3.84 percent, and this week it has seen an increase of 1.88 percent. The year-to-date return stands at 35.41 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from the previous day’s value of 100,477.46 points to 101,248.02 points, while the value of listed equities rose from N60.908 trillion to N61.375 trillion.