The Nigerian equities market reached an unprecedented milestone during Wednesday’s trading session as the bulls tightened their grip on the local bourse, pushing the benchmark index to a fresh all-time high.
Specifically, the Nigerian Exchange All-Share Index climbed by 283.52 points, or 0.11 per cent, to settle at 252,695.19 points, marking a significant psychological breakthrough as it sustained its position above the quarter-million mark.
This bullish momentum was largely underpinned by sustained buying interest in heavyweights, with MTN Nigeria Communications and BUA Cement acting as the primary catalysts for the day’s record-breaking performance.
The appreciation in share prices for these large-cap entities directly impacted the market’s total valuation, as the market capitalisation rose by NGN 64bn to close at N162.06tn. This growth reflects a resilient year-to-date performance, which currently stands at over 60 per cent, signalling robust investor confidence despite broader macroeconomic pressures.
Beyond the telecommunications and industrial goods sectors, the upturn was further supported by price gains in other medium- and large-capitalised stocks such as UACN, Berger Paints Nigeria, and Fidson Healthcare.
Market breadth, a key indicator of investor sentiment, remained firmly positive at the close of the session as 39 stocks advanced against 29 decliners. Leading the gainers’ chart were Daar Communications, Fidson Healthcare, Livestock Feeds, and CWG, all of which posted the maximum daily gain of 10 per cent.
Conversely, NCR Nigeria and Cornerstone Insurance headlined the losers’ list, shedding 10 per cent each. Trading activity remained vibrant, with approximately 1.56 billion shares exchanged in over 76,000 deals, valued at N91.66bn.
