Nigeria’s stock market continued its upward trend today, gaining 0.50 percent as investors showed strong interest in major stocks like BUA Cement, Nigerian Enamelware, and Neimeth Pharmaceuticals. The market’s year-to-date return now stands at an impressive 40.68 percent.
BUA Cement led the gainers’ chart, climbing from ₦155 naira to ₦170 naira.50 kobo adding 10 percent. Nigerian Enamelware and Neimeth also gained 10 percent each, while AIICO Insurance and Mutual Benefits Assurance followed suit with similar gains.
Analysts attribute the bullish sentiment to lower interest rates and optimism over upcoming corporate earnings and dividend declarations. However, research from Vetiva Capital suggests investors should tread carefully after the recent sharp rally, especially in low- to mid-cap stocks.
At the close of trading, the NGX All-Share Index rose to 144,796.37 points, with market capitalization hitting ₦91.6 trillion. Over 1 billion shares worth ₦22.8 billion were exchanged in nearly 39,000 deals. Actively traded stocks included AIICO, Universal Insurance, Fidelity Bank, and Veritas Kapital Assurance.
