The Nigerian Stock market continued its bullish run; reaching three year high on Thursday as investors awaits full-year results with the hope of a better dividend pay-outs from corporates.
The All Share Index rose 2.93 per cent in its sixth consecutive rally to 43,041.54 point, the highest it has achieved since September 2008 when it rose to 48361.51.
The bourse which appreciated 43 per cent in 2017, has grown 12.55 per cent year-to-date and 70.98 per cent in the last one year, making it one of the best performing equities markets in the world.
“Investors are taking positions ahead of full-year numbers and dividends that will be declared and under that we have positive macroeconomic outlook. Almost all the economic aggregates are looking upward, these are the drivers the current bullish trend in the market,” Andrew Esene, research analyst, Futureview Financial Services Ltd told Business Hallmark by telephone interview.
Investors traded 1.16 billion shares valued at N17.38 in 8,968 deals on Thursday with market capitalization rising to N7.12 trillion.
For the second day, Seplat topped the gainers table, gaining N15.01 to close at N675.01 and followed by Nigerian Breweries and Guinness Nigeria, which added N6.68 and N5.01 to close at N152.68 and N105.21 respectively.
On the other hand, Flour Mills of Nigeria led other decliners as it shed N0.40 to closed at N33, while Dangote Sugar and Berger Paint lost N0.30 and N0.25 to end Thursday’s trading at N21.50 and N9.10 respectively.
The equities market declined 6.17 per cent in 2016 on back on dollar scarcity in the country caused sharp drop in crude oil price below $27 in January of that year, the exchange has found its steam as oil price begun to rise again, hitting four year high of $70 on Thursday.
The introduction of the Investors’ and Exporters’ Foreign Exchange window in April 2017 and the aggressive intervention of the Central Bank to the tune of over $10 billion in forex market also helped restored investors’ confidence in the exchange.