LAGOS, July 9 – Nigeria’s stock market continued its upward run on Wednesday, with strong buying interest pushing the Nigerian Exchange (NGX) to fresh record highs as market capitalisation rose to N155.59 trillion ($112.9 billion).
The benchmark All-Share Index also reached a new high, closing at 242,459.98 points, up from 237,083.28 points recorded on Tuesday. The rally extended the market’s steady recovery from 224,321.97 points recorded on July 2.
Investor sentiment was lifted after the Central Bank of Nigeria (CBN) retained the Monetary Policy Rate at 26.50%, a move that provided policy stability and encouraged investors to increase their positions in growth and blue-chip stocks.
Buying was strongest in the industrial, banking and oil and gas sectors. As a result, the NGX Main Board Index closed at 11,355.52 points, while the Industrial Index ended the session at 10,712.92 points. The Banking Index climbed to 2,137.61 points, and the Oil and Gas Index settled at 5,292.70 points.
Among the top gainers, FBN Holdings and Wema Bank both advanced by the daily maximum of 10% to close at N60.50 and N29.70, respectively. Aradel gained 9.99% to N1,403.30, while NGX Group rose 9.96% to N129.75. Dangote Cement also posted a strong performance, adding 8.08% to close at N963.00.
On the losing side, NAHCO and Vitafoam each fell 10% to N133.65 and N170.10, while Chemical and Allied Products declined 9.99% to N157.60.
In the exchange-traded funds market, VSPBONDETF recorded the biggest gain, rising 6.81% to N251.00, while STANBICETF30 dropped 10% to N2,587.95. Meanwhile, the NGX Sovereign Bond Index closed unchanged at 670.45 points.
