The Nigerian Exchange Limited’s All-Share Index reached a historic high of 70,000 basis points at the close of trade on Wednesday, following many days of strong performance.
The PUNCH reported that given that the market concluded in October with a gain of over N1.7 trillion, this signaled a successful start to trading operations in November.
The ASI, which measures the overall market movement of all listed stocks on the NGX, closed at 70.581.76 at the close of trade, up 1.94 percent, or 1,345.57, from Tuesday’s closing price of 69,236.19.
Similarly, investors won N739 billion on the local exchange, and the market capitalization closed higher at N38.777 trillion.
Monday and Tuesday saw a rise of N1.153tn in the market.
This week’s investor attention was on the strong third-quarter results of listed firms, particularly the banking industry, rather than the forecasts of mixed sentiment, foreign exchange concerns, and macroeconomic headwinds in the market.
Managing Director of Wyoming stock, Tajudeen Olayinka, provided additional insight into the actions of investors when he stated that the Supreme Court’s ruling ending arguments over Nigeria’s presidential candidate was a contributing cause to the stock market’s bull run.
Following the settlement of the presidential lawsuits, there was a widespread belief that the President would be free to concentrate on matters pertaining to the economy and the market, without any further distractions.
“Secondly, the third quarter results from some of these public companies, especially the banking sector, we saw significant gains perhaps because of the forex revaluation gains. That impacted the market on Tuesday and Wednesday.
