The Nigerian stock market continued its record-breaking rally on Tuesday as the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) soared past the historic 150,000-point threshold, marking its highest level ever. The benchmark index advanced by 1,516.10 points, or 1.01 %, to close at 151,456.91 points, while market capitalization surged by approximately ₦962 billion to reach an unprecedented ₦96.13 trillion.

The uptrend was driven largely by renewed investor interest in blue-chip and mid-tier stocks, with BUA Foods Plc leading the charge.

BUA Foods Extends Rally, Crosses ₦12 Trillion Market Cap

Shares of BUA Foods gained 6.54 % on the day to close at ₦692.50 per share, propelling its market capitalization beyond the ₦12 trillion mark the first time a listed Nigerian company has achieved that milestone. The food manufacturing giant’s performance reflects strong investor confidence despite a recently announced delay in its Q3 2025 financial results, now expected by November 14 due to ongoing data migration within the company.

BUA Foods’ stock has gained over 56 % year-to-date, making it one of the best-performing equities on the NGX in 2025.

Broad Gains Among Heavyweights

Beyond BUA Foods, the day’s trading session saw strong performances from several other heavyweights and mid-cap stocks.

SCOA climbed 7.74 %,

OMATEK rose 7.48 %,

CONHALLPLC advanced 6.70 %, and

VITAFOAM appreciated 5.92 %.

However, the market’s breadth remained slightly negative, as 28 stocks gained against 30 decliners. Top laggards included LIVINGTRUST, CONOIL, AFRIPUD, SOVRENINS, and NPFMCRFBK, each losing between 5 % and 9 %.

Investor Sentiment and Market Outlook

Analysts attribute the rally to sustained bargain hunting and improved sentiment following recent macroeconomic stability and corporate earnings optimism. Despite the mixed breadth, the index’s resilience at new highs suggests continued investor appetite for equities, especially in the consumer goods, industrial, and banking sectors.

Market watchers expect short-term volatility as investors rebalance portfolios ahead of upcoming quarterly earnings releases, but maintain a broadly positive outlook for the remainder of the year.