Stocks Sustain Gains, Rise By N1.185trn As ASI Crosses 120,000 Points

The Nigerian stock market sustained its upward momentum on Wednesday, , with the All-Share Index (ASI) crossing the significant 120,000-point mark for the first time.

This is as the market capitalisation gained  about N1.185 trillion, driven by strong performances from key stocks including Dangote Sugar, Lafarge, and International Breweries.

Investors’ interest in stocks like Oando, Dangote Sugar Refinery, CWG and other major gainers helped to push Nigeria’s equities market higher by 1.22 percent at the close of trading on Wednesday.

The benchmark performance indicator – the All Share Index (ASI) – crossed the 120,000 points mark as the market rally continues.

The year-to-date (YtD) return stood higher as well, reaching 17.81 per cent. This month, the market has risen by 8.52 per cent, while week-to-date (WtD), the Index has risen by 2.64 per cent.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from the preceding day’s 119,790.82 points and N75.576 trillion to 121,257.69 points and N76.761 trillion.

Looking at the top gainers list shows that Oando rose from N62.50 to N68.75, adding N6.25 or 10 percent. Dangote Sugar Refinery also moved from N44 to N48.40, adding N4.40 or 10 per cent.

Champion Breweries increased from the previous day’s low of N9.92 to N10.91, adding 99 kobo or 9.98 per cent.

Also, C&I Leasing share price rose from N4.71 to N5.18, up 47 kobo or 9.98 per cent, while CWG increased from N10.55 to N11.60, up by N1.05 or 9.95 per cent.

Fidelity Bank, Caverton, Japaul Gold, Zenith Bank and Access Holdings were actively traded on Wednesday as investors in 22,896 deals exchanged 861,670,987 shares worth N26.176 billion.