Nigerian stocks hit record high as MTN Nigeria and BUA Cement lift the NGX All-Share Index to a historic close

The Nigerian equities market extended its impressive rally on Wednesday as investors pushed the benchmark index to a historic all-time high, reinforcing bullish sentiment across the local bourse.

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The Nigerian Exchange All-Share Index gained 283.52 points, representing a 0.11 per cent increase, to close at 252,695.19 points.

The latest performance marks a major psychological milestone for the market, which successfully maintained its position above the 250,000-point threshold.

The rally was largely driven by sustained investor demand for heavyweight stocks, particularly MTN Nigeria Communications and BUA Cement, which emerged as the key drivers of the record-breaking session.

As a result of the gains recorded by major blue-chip companies, market capitalisation rose by N64bn to close at N162.06tn.

Analysts said the performance reflects growing investor confidence in the domestic market despite prevailing macroeconomic challenges and uncertainties within the broader economy.

Nigerian stocks hit record high amid strong buying interest across telecommunications, industrial goods and healthcare sectors, further strengthening the market’s year-to-date return, which has now exceeded 60 per cent.

Additional support for the bullish trend came from notable gains recorded by medium- and large-cap stocks, including UACN, Berger Paints Nigeria and Fidson Healthcare.

Investor sentiment also remained positive, with market breadth closing firmly in the green after 39 stocks advanced compared to 29 decliners.

Daar Communications, Fidson Healthcare, Livestock Feeds and CWG topped the gainers’ chart after recording the maximum daily appreciation of 10 per cent each.

On the downside, NCR Nigeria and Cornerstone Insurance led the losers’ table, both shedding 10 per cent of their share prices during the trading session.

Market activity remained robust, with investors trading approximately 1.56 billion shares in more than 76,000 deals valued at N91.66bn.

Despite expectations that profit-taking could trigger mild pressure in subsequent sessions, market analysts believe the current momentum highlights the increasing depth and resilience of the Nigerian capital market.

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They noted that the rally is being supported largely by domestic institutional liquidity and strategic investments in fundamentally strong equities.