Nigerian Equities Market Hits Record High Amid Strong Buying

On Wednesday, the Nigerian equities market achieved an unprecedented milestone, with the Nigerian Exchange Share Index rising by 283.52 points, or 0.11 percent, to close at 252,695.19 points. This marks a significant psychological breakthrough, maintaining the index above the quarter-million mark.

The bullish momentum was primarily driven by strong buying interest in heavyweight stocks, particularly MTN Nigeria Communications and BUA Cement, which were key catalysts for this record performance. The market capitalization increased by NGN 64 billion, reaching NGN 162.06 trillion, reflecting a year-to-date growth of 60 percent and signaling robust investor confidence despite broader macroeconomic pressures.

The telecommunications sector showed a positive upturn, further supporting price gains in medium and large-cap stocks. The market breadth indicated a firm investor sentiment, with 39 stocks advancing against 29 decliners.

Notable gainers included Daar Communications and Fidson Healthcare, both posting maximum daily gains of 10 percent, while NCR Nigeria and Cornerstone Insurance led the losers, shedding 10 percent. Approximately 1.56 billion shares were exchanged in 76,000 deals, valued at NGN 91.66 billion.