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Business News of Saturday, 25 December 2021

Source: nairametrics.com

Nigerian Stocks gain on Christmas eve but fall on Christmas week

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Nigerian Stocks closed Christmas week on a positive note as stocks eked out a marginal 0.08% gain at the end of trading Friday, 24th December 2021. However, stocks closed the week on a negative note losing 0.21%.

Among the gainers today include Union Bank, leading the gainers’ chart with a 9.9% pop as news surrounding the acquisition of its majority shares by Titan bank excited investors.

A total of 12 stocks made the list of Top gainers and included Union Bank, CHI Plc, Sovereign Insurance, PZ, and Vitafoam as other gainers. On the losing side was Cornerstone Insurance, UPDC< JaizBank losing 9.8%, 3.39%, and 3.3% respectively.

Nigerian Stocks snapped a two-year losing streak that has seen stocks post losses on Christmas eve for two consecutive years. Investors are typically cautious on Christmas even coupled with the fact that trading sessions close early to allow investors to carry out last-minute holiday shopping.

Nigerian Stocks are currently up 4.95% YTD and -2.2% month to date. If stocks close negative this December then that will be the only second time this has happened in the last 10 years.

According to the NGX, the All-Share Index and Market Capitalization depreciated by 0.21% and 0.21% to close
the week at 42,262.85 and N22.060 trillion respectively. Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Banking, NGX Insurance, NGX AFR Div Yield, NGX MERI Growth, NGX Consumer Goods, and NGX Industrial Goods Index which appreciated by 0.44%, 0.10%, 1.85%, 0.15%, 0.56%, 0.78%, and 0.43% respectively while the NGX ASeM, NGX Growth, and NGX Sovereign Bond Indices closed flat.

Mutual Benefits Insurance, CHI, and Union Bank topped the gainers’ chart for the week with 23%, 20.6%, and 20.6% respectively. On the flip side, Julius Berger, MRS, and Connerstone led the losers’ chart with over 9% losses respectively.