Nigeria’s stock market has claimed the title of the world’s best, outperforming Argentina, a country it was trailing just last week.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) experienced a 2.38 percent surge on Wednesday, surpassing the 90,000 mark as bullish momentum dominated trading.
So far this year, the market has seen a 20.45 percent increase, with an 8.45 percent rally week-to-date. Wednesday’s positive close was fueled by increased investor activity, particularly in shares of Guinness Nigeria, which saw a maximum daily increase of 10 percent.
Other notable gainers included Wema Bank (+10 percent), Honeywell Flourmills (+10 percent), AIICO (+10 percent), and Sunu Assurances (+10 percent).
“The bulls have continued to dominate market activity this year,” stated analysts from Lagos-based Vetiva Research.
Despite expectations for some price corrections on Wednesday, investors opted to capitalise on the market’s positive performance for the fourth consecutive session.
The NGX All-Share Index (ASI) and Market Capitalization rose from the preceding trading day’s lows of 87,970.37 points and N48.139 trillion, respectively, to 90,063.27 points and N49.280 trillion.
Other stocks contributing to the market’s upward movement included BUA Foods (+5.49 percent), BUA Cement (+9.99 percent), Cadbury (+9.81), Chams (+9.71 percent), Consolidated Hallmark (+8.47 percent), Dangote Cement (+9.86 percent), Eterna (+9.83 percent), Geregu (+9.49 percent), Flour Mills (+5.10 percent), International Breweries (+9.95 percent), and Japaul Gold (+8.94 percent).
Additionally, May & Baker increased by 9.98 percent, NEM Insurance (+8.70 percent), Northern Nigeria Flour Mills (+9.94 percent), PZ (+9.86 percent), Transcorp (+9.97 percent), Tripple G (+9.74 percent), and UPDC (+8.50 percent).
