Stock Market Performance Closes on Positive Note

Trading activities at the Nigerian Stock Exchange (NSE) on Thursday was bullish as gains by 45 shares helped to lift the bourse’s measuring parameters to a high level.

The NSE All-Share Index and market capitalisation rose by 0.78% each, to close at 39,119.88 basis points and ₦12.51 trillion, respectively on Thursday.

As usual, the banking sub-sector maintained its lead on the activity chart, as trading in the sub-sector accounted for 25% of the total volume traded. Investors exchanged 139.63 million shares, valued at ₦1.57 billion in the sub-sector.

In the meantime, the management of the NSE has called on Asian investors to take advantage of the investment opportunities in the Nigerian capital market. The NSE made the call at the 2nd Annual Africa Investment Summit which held in Hong Kong.

Global Markets
United States stocks rose on Thursday after data suggested stronger labour market conditions and subdued inflation, making traders reassess the Federal Reserve’s latest take on the economy.

Reuters reported that the number of Americans filing new claims for unemployment benefits fell more than expected last week and producer prices fell for a second straight month in October, indicating inflation pressures remain benign.

At the close of trading yesterday, the Dow Jones industrial average rose by 0.37%; the S&P 500 gained 0.41% while the Nasdaq Composite added 0.73%.

In Europe, the European government bonds fell as minutes of the Federal Reserve’s October policy meeting showed the central bank may taper its $85 billion in monthly asset purchases “in coming months” if the US economy improves.

Bloomberg News reported that benchmark German bond yields climbed to the highest level in more than a week as a report showed manufacturing and services output in the euro area expanded for a fifth month in November.

Spanish and Italian bonds pared their declines amid speculation the European Central Bank, which this month cut its key interest rate, will add stimulus to support the recovery.