NGX All-Share Index Hits All-Time High – Crosses 70000 Points

All-share index (ASI) of the Nigerian stock market has recorded its all-time high after appreciating by 1,345.57 basis points to hit 70,581.76 ASI on Wednesday.

Gatekeepers News reports that a market report obtained from the Nigerian Exchange Limited (NGX) indicated that the ASI crossed the 70,000 mark after rising by 1.94 per cent from 69236.19 index points recorded on Tuesday.

The report attributed the increase in the ASI to the billion naira trades recorded by United Bank for Africa (UBA), FBN Holdings and Guaranty Trust Holdings Company (GTCO).

Investors in the equity market had traded 163.56 million shares of UBA at a worth of N3.47 billion, while 94.65 million shares of FBN Holdings were transacted at the cost of N1.84 billion and GTCO saw investors trade 45.75 million shares, valued at N1.60 billion.

Before the stock market closed, Airtel Africa’s shareholders recorded impressive returns as the firm’s share appreciated by 10 per cent to N1694.10 kobo from N1540.10 posted on Tuesday.

Similarly, Chams reported an upward swing in its share, as it increased by 9.91 per cent from N2.22 kobo to N2.44 kobo, followed by UPL, which reported its share moved from N2.12 kobo to N2.23 kobo — indicating an increase of 9.91 per cent.

In a related development, NEM Insurance’s share went up by 9.90 per cent, to close trading at N5.55 kobo, from N5.05, with FBN Holdings closing the top five table with 9.78 per cent appreciation in its share, which rose from N17.90 kobo to N19.65 kobo.

The stock market ASI has been up by 31.59 per cent since President Bola Tinubu’s administration began on May 29, 2023, rising from 52,973.88 index points to 70,581.76 ASI.

In a bid to improve the attractiveness of Nigeria’s business environment to domestic and foreign investors, Tinubu has implemented some policies, such as ending the petrol subsidy and collapsing the multiple official exchange rates to unify both the official and parallel markets.