Skip to main content

Stock Exchange records best performance in 8yrs, rises 50.02%

Stock Exchange records best performance in 8yrs, rises 50.02%
Nigerian Stock Exchange
Nigerian Stock Exchange

*As investors gain N8.19trn in 2020

By Nkiruka Nnorom

CAPITAL MARKET

The Nigerian Stock Exchange (NSE) has recorded its best performance in the last eight years on the back of the positive sentiment that swept through the market to record 50.02 percent returns as the year 2020 ended yesterday (December 31, 2020).

Also, investors recorded N8.19 trillion gains following the renewed interest, especially by local investors.

Specifically, the market, which opened the year at 26,842.07 points, rode steadily on some positive policy initiatives of the Central Bank of Nigeria (CBN) to curtail the impact of the Coronavirus pandemic and accelerate the economy, to close the year at 40,270.72 points.

READ ALSOCOVID-19: Osun schools no longer resuming January 4 — Govt

Also, the market capitalisation, which opened at N12.969 trillion, rose to N21.157 trillion, indicating 63.14 percent growth during the year.

CBN had during the year, cut the base monetary policy rate twice by 200 basis points from 12.5 percent to 11. 5 percent in a bid to boost lending, discourage savings and drive growth to counter the effect of Covid-19 on the economy, while also keeping rates low in the fixed income market.

Additionally, excess liquidity resulting from CBN’s Open Market Operation (OMO) restriction, the hunt for double-digit yields and depressed pricing, helped to rekindle local interests in the equities market in 2020.

Vanguard’s analysis showed that it posted its best monthly gain in November 2020, up 14.8 percent Month-on-Month (M/M), its highest M/M return since the January 2018 rally when the market posted 15.9 percent returns.

The stock market, according to analysts, witnessed the historic month on two fronts buoyed by increased system liquidity in the past month as daily Open Buy Back (OBB) and Over Night (OVN) rates remained low amid buoyant system liquidity.

 

The post Stock Exchange records best performance in 8yrs, rises 50.02% appeared first on Vanguard News.


https://ift.tt/383pery by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha...
2 comments
Read more

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com ...
Post a Comment
Read more

Forum of retired Heads of Service, Permanent Secretaries donate N500,000 to Edo COVID-19 fund

Urges residents to complement govt’s efforts to check spread The Edo Forum of Retired Heads of Service and Permanent Secretaries has donated N500,000 to boost the Edo State Government’s response to check the spread of coronavirus disease (COVID-19) in the state. Chairman of the forum, Mallam Ikhelowa Atalasa Hanson, who made the presentation at Government House, Benin City, said the donation will complement the state government’s effort in deploying resources to fight against the spread of the virus. Ikhelowa said as a body, the retired heads of service and permanent secretaries tasked themselves to support the state government’s unalloyed commitment to protecting Edo people. READ ALSO:  COVID-19: Edo records 60 new cases as govt calls for caution On his part, Vice Chairman of the forum, Sir Xerxes Usiobaifo urged residents in the state to comply with all regulations from Nigeria Centre for Disease Control (NCDC) and the state government, noting that COVID-19 is real. He ur...
Post a Comment
Read more