The Nigeria Exchange Limited, NGX has recorded another all time high on Wednesday as the All share Index, ASI crossed the 100,000 mark at the close of trading.
The NGX ASI closed 101,571.11 points, appreciating by 2954.14 basis points from Tuesday’s 98,616.97 points. This is the highest level of the ASI in the history of Nigerian stock market.
It will be recalled that ASI crossed 90,000 points last week, showing investors’ increased interest in the stock market.
The all time high recorded on Wednesday was driven by gains in WAPIC which grew by 10% followed by BUA Cement 9.98%, Japaul Gold 9.91% and University Press 9.82%.
Another major stock market indicator, the NGX market capitalisation, which represents the total value stocks in the Exchange surged by 2.99% to N55.58 trillion from N53.96 trillion recorded the previous day.
The N1.61trilion increase in the NGX total valuation was on the back of 488.49million shares valued at N8.03 billion traded by investors in 12,080 deals.
Dangote Cement has been one of the major drivers of the stock market, becoming the first company to cross the N10 trillion market capitalisation.
Meanwhile, yesterday surge in the market were driven by continued buy interests in industrial heavyweights namely, Dangote Cement Plc , BUA Cement Plc and BUA Foods Plc.
These outweighed the sell off in some tier-1 banking stocks including United Bank for Africa (UBA) Plc, which fell by 0.33 percent, Access Holdings Plc (-1.22%) and FBN Holdings Plc (-0.78%).
Sectoral analysis showed that three of the five sectors recorded gains, while two depreciated.
The industrial goods sector led with 7.6 percent, followed by the consumer goods sector at 4.1 percent and the oil and gas sector, which rose by 0.1 percent.
On the other hand, the insurance and banking sectors recorded price depreciations of 1.5 percent and 0.6 percent respectively.