Nigerian stock wrap up the year with 49% gain as market cap hits new high of N21 trln
By Oludare Mayowa and Samuel Bankole
Nigeria’s equity market ended the year on a stellar note on Thursday with the main market index up 1.91 percent as the local bourse emerged the best performing stock across the globe.
The All Share Index closed at 40,270.72 points against the 39,512.31 points the market closed the previous day, taking the stock market to a new record high with a year-to-date gain of around 49 percent.
The market capitalisation crossed a new historical high of N21.05 trillion at the close of trading for the year 2020, better than the N20.447 trillion the market cap closed on Tuesday.
The index climbed to near the figure last seen in April 2018 when it closed at 40,793.50 points.
The local bourse wrapped up the year with around 49 percent gain in the year 2020, its best performance in 17 years, according to analysts despite the disruption caused by the outbreak of the Coronavirus pandemic.
Airtel Africa closed the year with 185.1 percent gain as the share closed at N851.80 while Bua Cement led the building material sector with 121 percent gain closing at N77.35 per share.
The stock of telecoms firm MTN Nigeria closed the year at N169.90 with a year-to-date gain of 61.8 percent while Dangote Cement ended the year with 72.5 percent gain as the share closed at N244.90.
FCMB Group share price closed at N3.33 with 80 percent gain in the year while fuel retailer Mobil share closed at N228 with 54.2 percent gain in the year.
Fidelity Bank gained 22.9 percent in the year with the share price closing at N2.52 while Zenith Bank share closed at N24.80 with YTD gain of 33.3 percent and Guaranty Trust Bank closing at N32.35 per share with 8.9 percent gain in the year.
GSK, the drugmaker closed the higher at N6.90 per share and 13.1 percent gain while Flour Mills Nigeria share price closed at N26 with a total gain of 32 percent in the year.