Business and Economy

Nigerian stock market makes history: crosses 100,000 bps and capitalization crossed N55 trillion on Wednesday

The Nigerian stock market made history at the close of trading on Wednesday, January 24th, as the All Shares Index crossed the 100,000 basis points market to reach 101,571.11, an increase of 2,954.14 points. In the same manner, the market capitalization crossed the N55 trillion market to reach N55.58 trillion, an increase of N1.62 trillion. With this, the year to date return increased from 31.89% to 35.84%

The market was driven by continued buying interest in major industrial companies such as DANGCEM (+6.49%), BUACEMENT (+9.98%), and BUAFOODS (+5.59%), which outweighed the selling pressure on Tier-1 banks like UBA (-0.33%), ACCESSCORP (-1.22%), and FBNH (-0.78%).

Today’s market analysis revealed a decrease in trade turnover compared to the previous session, with the value of transactions down by 50.62%. A total of 488.49 million shares, valued at ₦8.04 billion, were exchanged in 12,080 deals. TRANSCORP (+4.51%) led both the volume and value charts with 95.11 million units traded, worth ₦1.59 billion. WAPIC (+10.00%) emerged as the top gainer among thirty-four (34) others on the leader’s table, while NEM (-10.00%) led twenty-eight (28) others on the laggard’s log.

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