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The Nigerian Stocks Exchange Gains Amidst Santa Claus Rally

The Nigerian Stocks Exchange Gains Amidst Santa Claus Rally

Driven by the ongoing ‘Santa Claus’ rally on the Nigerian Exchange Limited, Stocks with a market capitalization exceeding one trillion naira, aptly named SWOOTs, have witnessed a substantial gain of approximately N463 billion within just one week.

This elite group comprises prominent entities such as Airtel, Dangote Cement, MTN Nigeria, BUA Cement, BUA Foods, Zenith Bank, Guaranty Trust Holding Company Plc, and the indigenous energy company Seplat Plc.

FILE PHOTO: Santa Claus pays a visit on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 21, 2018. REUTERS/Brendan Mcdermid/File Photo

At the commencement of the week, these financial heavyweights boasted a collective market capitalization of N27.925 trillion. By week’s end, their combined market capitalization had soared to N28.388 trillion.

The significance of this surge becomes apparent when considering that, as of August 2023, these SWOOTs commanded a total market capitalization of N25 trillion.

Remarkably, this represented more than half of the Nigerian Exchange Limited’s (NGX) total market capitalization, which stood at N40.506 trillion as of that Friday.


The banking sector, in particular, has experienced robust growth in recent weeks. Zenith Bank and Guaranty Trust Holding Company (GTCO) within the SWOOTs in the banking index have seen substantial investments from eager investors.

This trend translated into impressive profitability, with both banks reporting year-to-date returns of 57.92% and 74.13%, respectively.

As Christmas approached, Zenith Bank and GTCO saw gains of N25.117 billion and N4.414 billion, closing their market capitalization at N1.189 trillion and N1.178 trillion, respectively.

Among the SWOOTs, the communications giants Airtel Africa and MTN Nigeria emerged with the highest gains.

Airtel Africa’s stocks surged by about N329 billion, while MTN Nigeria witnessed a notable increase of N104 billion, concluding the week with market capitalizations of N7.093 trillion and N5.248 trillion, respectively.

While other stocks in this high net worth category like BUA Cement, BUA Foods, Dangote Cement, and Seplat remained relatively stable, their year-to-date returns as of Friday stood at -0.77%, 206%, 22.61%, and 110%, respectively, showcasing the dynamic landscape of Nigeria’s stock market.

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