TheCable

The Nigerian stock market recorded another all-time high on Wednesday after the all-share index (ASI) crossed the 100,000 mark at the close of trading.

According to data released by the Nigerian Exchange Limited (NGX), the all-share index closed at 101,571.11 ASI, appreciating by 2,954.14 basis points from Tuesday’s 98,616.97 ASI.

This is the highest level of the ASI in the history of the NGX.

In August 2023, the Nigerian bourse had began an upward swing after crossing the 60,000 ASI mark for the first time in January 2008, then 70,000 points in November last year, as well as 80,000 and 90,000 points in January 2024.

The all-time high recorded on Wednesday was driven by gains in Wapic (10.00 percent), BUA Cement (9.98 percent), Japaul Gold (9.91 percent), and the University Press (9.82 percent).

The total market capitalisation of the Nigerian stock market rose by 2.99 percent to N55.58 trillion, from N53.96 trillion posted the previous day.

The N1.61 trillion increase in the bourse’s total valuation was on the back of 488.49 million shares, valued at N8.03 billion, traded by the stock market investors in 12,080 deals.

DANGOTE CEMENT CROSSES N10 TRILLION MARK

Dangote Cement has been one of the major drivers of the stock market, with the manufacturer becoming the first company to cross the N10 trillion mark on Monday.

The cement producer has doubled its market valuation in less than a month, rising from last year’s close of N5.45 trillion to N11.82 trillion as of Wednesday.

Demand for the company’s shares has increased following reports that Femi Otedola, chairman of Geregu Power, has acquired a stake in Dangote Cement.

Since reports of Otedola’s investments, Dangote Cement’s share has appreciated by 41.6 percent from N489.90 per unit on January 18, to N651.8 on Tuesday.