Nigerian investors continued their buying spree yesterday, pushing the stock market further into record territory. The All-Share Index crossed the 80,000 mark for the first time ever, closing at 80,328.58 points.
The surge reflected strong buying interest in major banks like Zenith, GTCo, and UBA, which saw significant price gains. Overall, investors pocketed N363 billion for the day, bringing the year-to-date total to a staggering N3.04 trillion.
All sectors participated in the rally, with insurance leading the charge with a 6.3% gain. However, not all stocks shared the joy. Stanbic IBTC, Nigerian Breweries, and Fidelity Bank saw slight declines.
Despite these pockets of red, the overall sentiment remained positive, with market volume and value both increasing. Transcorp Plc was the day’s biggest mover, both in terms of price and volume.
This robust performance suggests that investor confidence in the Nigerian economy is growing, fueled by recent positive economic indicators. Analysts expect the bullish trend to continue in the near future, with a focus on blue-chip stocks and sectors expected to benefit from the improving economic climate.
