PREMIUM TIMES
Nigerian stocks attained their peak level ever on Tuesday as the all-share index, which measures the overall performance of equities climbed 0.5 per cent to 66,490.3 basis points on the back of a series of market-friendly reforms helping Africa’s largest economy restore investor confidence to its markets.
Tuesday’s feat pushes a high of 66,371.2 basis points, set more than 15 years ago on 5 March, 2008, to the back seat.
Nigerian stocks have been on a rise since President Bola Tinubu introduced some of the country’s boldest reforms in decades in the early weeks of his administration, especially an abolition of costly fuel subsidies and a unification of multiple exchange rates.
They reached the summit of performance since March 1996, when official records began, hinged on buyers’ interest in the shares of big lenders – Access Holdings, Zenith, FBN Holdings and GTCO.
Demand for a good number of consumer goods stocks also helped gains, with equities adding N348 billion at the end of trade.
“We project mixed sentiments toward listed equities, with some investors’ continuing their cherry-picking activities around fundamentally sound stocks with strong potentials in terms of recently disclosed corporate actions,” said analysts at United Capital in their outlook note for the week seen by PREMIUM TIMES.