All-Share Index crosses 200,000 threshold in surge

The Nigerian stock market reached a historic milestone on Wednesday as the All-Share Index surged past the 200,000-point threshold, signalling a period of unprecedented expansion for the local bourse.

The benchmark index gained 32.14 points, representing a growth of 0.27 per cent to close at a record 200,957.89 points, while the overall market capitalisation inched up by N21bn to settle at N128.998tn.

This persistent upward trajectory was largely driven by buying interest in a mix of medium and large-capitalised stocks, with Premier Paints, Red Star Express, Zenith Bank, John Holt, and Nigerian Breweries among the primary catalysts for the day’s appreciation.

The day’s price movement saw market breadth turn negative, with 36 stocks declining against 30 gainers.

Premier Paints and Zichis Agro Allied Industries emerged as the top performers, both recording a maximum price gain of 10 per cent to close at N34.10 and N12.54, respectively.

Legend Internet followed closely with a 9.92 per cent gain, while John Holt and McNichols also posted significant appreciations.

Conversely, University Press led the losers’ chart with a 9.17 per cent decline to close at N5.45, followed by SUNU Assurance and Veritas Kapital Assurance, which saw their share prices drop by 8.88 per cent and 6.98 per cent, respectively.

Other notable laggards included FTN Cocoa Processors and the Nigerian Exchange Group.

Activity levels remained robust as the total volume of shares traded rose by 26.05 per cent to 678.129 million units, valued at N33.139bn and exchanged in 42,222 deals. Access Holdings dominated the activity chart, accounting for a staggering 134.593 million shares valued at N3.498bn.

Wema Bank and Veritas Kapital Assurance also featured prominently in the high-volume category, while Zichis Agro Allied Industries and United Bank for Africa recorded significant turnover.

As the market navigates this new psychological high, stakeholders remain watchful of how institutional players balance their portfolios between high-yield growth stocks and the brewing volatility in the financial services sector.

Despite the record-breaking index level, underlying market dynamics presented a complex picture for investors.

Analysts at Imperial Asset Managers Limited described the current sentiment as cautiously positive but noted that the market is internally weakening as both participation and breadth declined during the session.

The firm expects the market to trade mixed in the near term, with a continued sector rotation into consumer goods and insurance stocks, while profit-taking may persist in the banking sector. Institutional activity is projected to remain concentrated in high-liquidity heavyweights such as MTNN, GTCO, and Zenith Bank, which continue to dictate the overall direction of the exchange.

Source: https://punchng.com/all-share-index-crosses-200000-threshold-in-surge/