The Nigerian Equities market has been ranked the best-performing stock market in 2020, even as it heads for its highest yearly gain in seven years.
Among the 93 equity indexes being tracked by Bloomberg across the world, the Nigerian Stock Exchange (NSE) topped the list as it records a Year-to-Date (YtD) gain of 47.2 per cent as of Wednesday.
Accordingly, Month-to-Date and Year-to-Date gain increased to +12.8 per cent and +47.2 per cent, respectively.
On Wednesday, the domestic equities market sustained its bullish trend as the All-Share Index (ASI) revved by 1.03 per cent to close at 39,512.31 points.
Given the rise in the share prices of BUA Cement, International Breweries and Eterna Oil by 10 per cent each, coupled with the higher number of 24 gainers as against 19 losers.
Also, the performance was largely positive across sub-sectors, especially at the industrial sub-sector space. Specifically, the NSE Industrial index rose by 3.74 per cent; followed by the NSE Insurance and the NSE Consumer Goods indices which rose by 2.99 per cent and 0.36 per cent respectively.
On the flip side, the NSE Banking and the NSE Oil/Gas indices fell by 0.71 per cent and 0.39 per cent respectively.
Meanwhile, activity in the market was relatively positive given the Dangote Cement Shares Buyback Programme (up to 85.2 million units) which is expected to be completed on Thursday.
Hence, the total deals and value of stocks traded increased by 2.86 per cent and 162.57 per cent to 5,183 deals and N11.50 billion respectively; however, the volume of stocks traded fell by 48.39 per cent to 372.93 million units.
United Bank for Africa was the most traded stock by volume at 60.57 million units, while Dangote Cement was the most traded stock by value at NGN8.04 billion.
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