July 18 (Lagos) - The all share index of the Nigerian exchange smashed past the 131K mark today and did not even wait a day over the 130K mark. That's when you can say that the index smoked past the 130K mark because it did not actually make a landing in the 130K region even for a day. The move from 120K to 131K came in just 15 trading sessions. Such a move took years to happen prior to 2023.
The move was achieved at the of an explosive week for stocks led by banking giants FIRSTHOLDCO ,
UBA ,
GTCO and
ZENITHBANK among others. First Bank had some particularly significant moves as ownership of the Bank effectively changed hands with 2 large erstwhile owners selling their holdings to the new owner.
Other stocks that made significant moves higher this week were blue chip stocks
NESTLE ,
DANGCEM ,
BUACEMENT ,
NB ,
VITAFOAM and
PRESCO while a lot of small companies with no real businesses numbers backing them also saw big gains.
Investors at this point have to be careful which stocks they enter because its easy to enter dead-beat stocks when they are rising but when the music stops that low liquidity means you are left holding the bag.