The Nigerian stock market achieved a significant milestone on Wednesday as the All-Share Index (ASI) surpassed the 100,000 points mark at the close of trading.
The data released by the Nigerian Exchange Limited (NGX) revealed that the All-Share Index closed at 101,571.11 ASI, marking a remarkable appreciation of 2,954.14 basis points from Tuesday’s 98,616.97 ASI. This historic level represents the highest point in the history of the NGX.
The upward trajectory in the stock market began in August 2023, and this latest record comes after crossing the 60,000 ASI mark in January 2008, followed by 70,000 points in November the previous year, and subsequent milestones at 80,000 and 90,000 points in January 2024.
Wednesday’s record-breaking performance was propelled by gains in key stocks, including Wapic (10.00 percent), BUA Cement (9.98 percent), Japaul Gold (9.91 percent), and the University Press (9.82 percent).
The total market capitalization of the Nigerian stock market surged by 2.99 percent to N55.58 trillion, up from N53.96 trillion recorded the previous day.
This increase of N1.61 trillion in the bourse’s total valuation resulted from the trading of 488.49 million shares valued at N8.03 billion, transacted by investors in 12,080 deals.
Dangote Cement has been a major driving force behind the stock market’s impressive performance, becoming the first company to cross the N10 trillion mark on Monday.
The cement giant has seen a remarkable doubling of its market valuation in less than a month, rising from N5.45 trillion at the close of last year to N11.82 trillion as of Wednesday.
The surge in demand for Dangote Cement shares followed reports of Femi Otedola, Chairman of Geregu Power, acquiring a stake in the company.
Since the news of Otedola’s investment, Dangote Cement’s share price has experienced a 41.6 percent appreciation, increasing from N489.90 per unit on January 18 to N651.8 on Tuesday.
