The positive performance was largely driven by BUA Cement, GTCO, UBA and Access Holding stocks.
The market’s performance was primarily driven by gains in stocks of Nigerian Breweries and BUA Cement.
The downturn was due to sell-offs in tier-one banks and industrial stocks such as Zenith Bank, Stanbic Bank and BUA Cement.
The All-Share Index (ASI) gained 1,303.04 points or 2.9 per cent to close at 46,232.37, compared with 44,929.33 on Tuesday, making it the highest since October 17.
Kogi House of Assembly on Monday summoned cement manufacturing firm BUA Group over a 50,000-hectare land it acquired 10 years ago.
The upturn was impacted by gains in May and Baker, Access Holding, United Bank for Africa (UBA) and NGX Group.
The market reacted negatively to the MPR hike as sell-offs were recorded across board but price appreciation in BUA Cement lifted market performance marginally.
Market breadth closed negative as 13 stocks declined, while 10 advanced.
The All-Share Index (ASI) closed at 48,554.76 from 49,370.62 on Monday, representing a decrease of 1.60 per cent.
The volume of shares traded closed lower as investors bought and sold 146.99 million shares worth N2.65 billion in 3,180 deals.
