The all-share index (ASI) of the Nigerian stock market recorded its all-time high on Wednesday after appreciating by 1,345.57 basis points to hit 70,581.76 ASI.
In a market report obtained from the Nigerian Exchange Limited (NGX), the ASI crossed the 70,000 mark after rising by 1.94 percent from 69236.19 index points recorded on Tuesday.
The increase in the ASI was driven by billion naira trades recorded by United Bank for Africa (UBA), FBN Holdings and Guaranty Trust Holdings Company (GTCO).
Investors in the equity market had traded 163.56 million shares of UBA at a worth of N3.47 billion, while 94.65 million shares of FBN Holdings were transacted at the cost of N1.84 billion and GTCO saw investors trade 45.75 million shares, valued at N1.60 billion.
Before the stock market closed, impressive returns were recorded by Airtel Africa’s shareholders, as the firm’s share appreciated by 10 percent to N1694.10 kobo from N1540.10 posted on Tuesday.
Chams also reported an upward swing in its share, as it increased by 9.91 percent from N2.22 kobo to N2.44 kobo, followed by UPL, which reported its share moved from N2.12 kobo to N2.23 kobo — indicating an increase of 9.91 percent.
Similarly, NEM Insurance’s share went up by 9.90 percent, to close trading at N5.55 kobo, from N5.05, with FBN Holdings closing the top five table with 9.78 percent appreciation in its share, which rose from N17.90 kobo to N19.65 kobo.
The stock market ASI has been up by 31.59 percent since President Bola Tinubu’s administration began on May 29, 2023, rising from 52,973.88 index points to 70,581.76 ASI.
Tinubu has implemented some policies, such as ending the petrol subsidy and collapsing the multiple official exchange rates to unify both the official and parallel markets, in a bid to improve the attractiveness of Nigeria’s business environment to domestic and foreign investors.