The Nigerian equities market closed the mid-week trading session bullish on Wednesday, as an aggressive wave of bargain hunting wiped out earlier performance jitters and drove market valuation to historic highs.
The total market capitalisation of the Nigerian Exchange Limited crossed a significant threshold to peak at N155.59tn. Concurrently, the benchmark All-Share Index witnessed an impressive climb, closing at an all-time high of 242,459.98 points, up from Tuesday’s position of 237,083.28 points.
The Central Bank of Nigeria’s decision to maintain its Monetary Policy Rate at 26.50 per cent provided much-needed stability for the financial markets. This status quo gave domestic and institutional investors a clear economic backdrop, encouraging them to aggressively deploy capital into growth and blue-chip equities.
The market’s upward trajectory has been unrelenting over recent sessions, recovering aggressively from a low of 224,321.97 points recorded on Thursday, 2 July, and steadily climbing past 229,240.34 points on Friday, 234,178.23 points on Monday, and 237,083.28 points on Tuesday.
Buying sentiment during the session was overwhelmingly positive, heavily supported by substantial interest in the industrial, banking, and energy sectors. Reflecting this momentum, the NGX Main-Board Index closed higher at 11,355.52 points, bouncing up from its earlier positions in the week.
