The Nigerian stock market witnessed a momentous surge as the Nigerian Exchange Limited’s All-Share Index (ASI) skyrocketed by 0.55%, breaching the historic 72,000 mark for the first time at 72,299.79 points. This bullish run yielded a staggering N415 billion gain for equity market investors, marking another remarkable milestone in the country’s financial landscape.
Previously, on November 1, the ASI triumphantly crossed the 70,000 mark, closing at 70,581.76 after a sustained period of bullish trading. The year-to-date gain of the ASI has now surpassed 40%, fueling optimism in the market and bolstering investor confidence.
At the close of trading on Wednesday, the market capitalization surged by 0.55% to settle at N39.563 trillion, signifying a substantial N215 billion increase in investors’ wealth. The trading volume soared to 433.180 million, compared to the previous 319.56 million, with a total value of N8.08 billion from 6,650 deals executed. Notably, the number of stocks traded at the end of Wednesday’s session stood at 119, reflecting the robust activity within the market.
The gainers’ chart featured notable performances by SCOA, Infinity Trust Mortgage Bank, AccessCorp, Cornerstone Insurance, and Transcorp Hotel, with impressive gains of 9.88%, 9.86%, 8.09%, 7.41%, and 6.83% respectively. Meanwhile, University Press Plc, Sunu Assurance, Regency Alliance Insurance, Eterna, and Flour Mills experienced declines, with losses ranging from -9.82% to -4.57%.
The sectoral performance was diverse, with the Banking and Consumer Goods indexes leading the gainers, surging by 0.94% and 0.07% respectively. In contrast, the Insurance sector witnessed a decline of 1.80%, while the Oil and Gas and Industrial Goods indexes remained relatively stable compared to the previous session.
This remarkable display of market resilience underscores the remarkable growth and potential of the Nigerian stock market, attracting both domestic and international investors seeking lucrative opportunities. As the market continues to chart new territories, the ASI’s historic ascent serves as a testament to the dynamism and vibrancy of Nigeria’s economy, solidifying its position as a burgeoning investment hub amidst global economic shifts.
