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The bulls yesterday sustained their hold on the stock market as the price rally that began last week entered its second week with indicators closing firmer. The Nigerian market shook off a dismal performance in 2009 and opened 2010 with a growth of four per cent last week. That growth was the longest rally in five months. Although some operators are already envisaging some form profit taking very soon, the rally persisted yesterday with the Nigerian Stock Exchange (NSE) All-Share Index appreciating by 1.84 per cent to close at 22,057.64. In a similar move, the market capitalisation added N95 billion, rising from N5.189 trillion to close at N5.284 trillion. Most of the banks continued to attract patronage leading to further recovery in their prices. About 17 banks recorded price gains while only two declined. |