Nigeria Stock Market gains higher after 13-Year

The Nigerian Exchange Limited, NGX, opened the holiday- shortened week to extend gains from last week as the All-Share Index crossed the 50,000 basis points, the highest point since August 06, 2008.

The All-Share Index rose by 487.47 basis points to close at 50,126.41 basis points, from 49,638.94 basis points last week to hit over 13-year historical high.

According to statistics, investorsā€™ buy interests in BUA Cement which appreciated by 8.16 per cent, alongside consumer goods, Okomu Oil that also gained 10 per cent and Nigerian Breweries that rose by 9.98 per cent, were the major drivers of the stock market yesterday.

The market stock year-to-date, YTD, return rose to 17.35 per cent, while market capitalisation gained N263 billion to close at N27.02 trillion from N26.761 trillion the market closed before the two-day holiday.

Market Analysts attributes the bullish market performance to impressive corporate earnings for first quarter ended March 31, 2022 and hike in global oil price.

They added that foreign investors have also renewed their interest in stocks on the bourse with strong fundamentals.

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