The Nigerian equities market closed trading on a bullish note as strong buying interest in heavyweight stocks, particularly BUA Foods and BUA Cement, lifted overall market performance.
The Nigerian Exchange (NGX) All-Share Index (ASI) advanced by 1.13%, gaining 1,694.40 points to settle at 152,057.40 points, reflecting improved investor sentiment and sustained demand for large-capitalisation stocks.
Market activity was dominated by blue-chip equities, with BUA Foods and BUA Cement emerging as major drivers of the rally due to their significant weighting on the index. Their price appreciation helped offset profit-taking in some mid- and small-cap stocks.
The positive close signals growing confidence among investors as the market approaches year-end, supported by expectations of stronger corporate earnings, portfolio rebalancing, and selective bargain hunting in fundamentally sound companies.
Overall, the session reinforced the bullish momentum on the NGX, with heavyweight stocks once again playing a decisive role in shaping market direction. Visit www.jocomms.com for more news.