Nigerian equities market hits new all-time high after strong buying
The Nigerian equities market has achieved a new record, with the benchmark index reaching an all-time high. The surge was driven by significant buying interest in major companies, especially MTN Nigeria Communications and BUA Cement. Market capitalisation increased notably, reflecting strong investor confidence despite economic challenges. Several other large and medium-cap stocks also contributed to the positive momentum.
TLDR
- The Nigerian Exchange All-Share Index rose by 283.52 points to close at 252,695.19 points, surpassing the quarter-million mark.
- MTN Nigeria Communications and BUA Cement were key drivers of the market’s record performance.
- Market capitalisation grew by NGN 64bn to reach N162.06tn, with year-to-date returns exceeding 60 per cent.
- Other notable gainers included UACN, Berger Paints Nigeria, and Fidson Healthcare; 39 stocks advanced while 29 declined.
- Trading was active, with about 1.56 billion shares traded in over 76,000 deals, valued at N91.66bn.
