Nigeria stock market emerges world’s best, beats Argentina

 

Nigeria Stock Market has emerged world best, beating Argentina, a country it was trailing last week.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) experienced a 2.38 percent surge on Wednesday, surpassing the 90,000 mark as bullish momentum dominated trading.

So far, the market has risen this year by 20.45percent, amid week-to-date (WtD) rally of 8.45percent.

Wednesday’s positive close came as more investors bought shares of Guinness Nigeria which reached maximum daily increase of 10percent and others like Wema Bank (+10percent), Honeywell Flourmills (+10percent), AIICO (+10percent), and Sunu Assurances (+10percent).

 

“The bulls have continued to dominate market activity this year,” said Lagos-based Vetiva Research analysts. They had expected to see some price corrections on Wednesday hoping that investors will take profit after four straight sessions of positive performance.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further from preceding trading day’s lows of 87,970.37 points and N48.139 trillion respectively to 90,063.27 points and N49.280trillion.

Other stocks that pushed the market higher include BUA Foods (+5.49percent), BUA Cement (+9.99percent), Cadbury (+9.81), Chams (+9.71percent), Consolidated Hallmark (+8.47percent), Dangote Cement (+9.86percent), Eterna (+9.83percent), Geregu (+9.49 percent), Flour Mills (+5.10 percent), International Breweries (+9.95percent), and Japaul Gold (+8.94percent).

Also, May & Baker increased by 9.98percent, NEM Insurance (+8.70percent), Northern Nigeria Flour Mills (+9.94percent), PZ (+9.86percent), Transcorp (+9.97percent), Tripple G (+9.74percent), and UPDC (+8.50percent).