Nigeria stock market becomes world’s best, beats Argentina

Nigeria’s stock market is now world’s best after Wednesday’s positive close helped the market to beat Argentina, a country it was trailing last week.

Bulls push NGX-ASI above 90,000 mark

Nigerian Exchange Limited (NGX) All Share Index (ASI) rose by 2.38 percent on Wednesday, surpassing 90,000 mark as bulls dominate trade.

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).

These stocks and others that recorded remarkable increase helped the benchmark performance indicator to reach a new high.

“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).