BUA Cement spearheaded a bullish charge in the Nigerian stock market, propelling the Nigerian Exchange Limited (NGX) All-Share Index (ASI) beyond the psychological threshold of 101,000 points.
The Exchange appreciated by 3% to put N1.62 trillion gain in the pocket of Investors on Wednesday.
Breaking down stock performance, BUA Cement led gainers as the value of its stock rose by 9.98% from N163.35 to N179.65.
The momentum was not confined to a single player as University Press, Tripple Gee, and Japaul Gold followed suit, increasing by 9.82%, 9.69%, and 9.91%, respectively.
This buoyant market trajectory has significantly elevated the year-to-date (YTD) growth to an impressive 35.84% in the very first month of the new year.
So far this week, the Exchange has gained 7.44%.
The NGX All-Share Index closed in the green at 101,571.11 index points, up from 98,616.97 index points reported on Tuesday while the market capitalisation rose from N53.967 trillion recorded on Tuesday to N55.583 trillion on Wednesday.
Investors exchanged a total of 488,490,901 shares valued at N8.036 billion in 12,080 deals during the trading hours of Wednesday.
The Nigerian Exchange Limited has been on a positive run since President Bola Ahmed Tinubu removed subsidies and floated the Nigerian currency in accordance with global practice.
While local investors embraced the new policies and took advantage of them, foreign investors remained on the sideline citing a series of concerns; trapped forex fund, unclear foreign reserves size, insecurities and policy sustainability given the obvious.
Countries like Kenya were known to reverse their fuel subsidy policy after it became obvious that the citizens just don’t have what it takes to pay a premium for fuel consumption.
