Nigeria’s equities market extended its upward trend on Wednesday, recording by 0.43%, which is the same as an increase of N259 billion. This shows that investors are still interested in undervalued stocks across key sectors.
The main index of the Nigerian Exchange Limited (NGX), called the All-Share Index (ASI), went up from 100,050.94 points to 100,477.46 points. At the same time, the equities market has delivered an impressive return of 34.38%.
In December, the market has grown by 3.05%, and from the start of the week until now, it has gained 1.11%. Year-to-date, the stock market has provided a strong return of 34.38%.
Top Gainers
The market saw strong growth in stocks like MRS, Learn Africa, International Energy Insurance, Coronation Insurance, and Livestock Feeds, which all showed big increases.
- MRS Oil Nigeria Plc: Became the best performer, rising from N145.20 to N159.70, which is an increase of N14.50 or 9.99%.
- Learn Africa Plc: Went up from N3.21 to N3.53, gaining 32 kobo or 9.97%.
- International Energy Insurance Plc: Increased from N1.33 to N1.46, adding 13 kobo or 9.77%.
- Coronation Insurance Plc: Grew from N1.54 to N1.69, gaining 15 kobo or 9.74%.
- Livestock Feeds Plc: Moved from N3.39 to N3.72, up by 33 kobo or 9.73%.
The market rally reflects growing investor confidence, as participants continue to identify and invest in undervalued stocks across the exchange. Analysts suggest that the positive performance might be because of changes to portfolios at the end of the year and a more positive view of Nigeria’s economy.
