Nigerian Stock Market Achieves Record High, Surpasses 70,000 Points

Soukaina Sghir
Soukaina Sghir
2 Min Read
Nigerian Stock

The Nigerian stock market has made headlines by reaching an all-time high, crossing the 70,000-point milestone on the Nigerian Exchange Limited (NGX) All-Share Index. This significant achievement has sparked enthusiasm among investors and ignited discussions about the nation’s economic prospects.

At the close of trading on the NGX, the All-Share Index (ASI) surged by 1.94% to reach 70,581.76 points, up from 69,236.19. The market capitalization of listed companies also rose to N38.78 trillion.

The stock market’s impressive performance can be attributed to proactive measures taken by the new administration under President Bola Tinubu. These measures include the removal of fuel subsidies and the liberalization of the foreign exchange market, which have contributed to the market’s upward trajectory.

Data from the NGX indicates that while foreign investors gradually increase their participation in the capital market, domestic investors have shown strong positive sentiment, resulting in higher allocation to equities. Total transactions in the equity market reached N2.71 trillion as of the end of September, representing a 38% increase compared to the same period in 2022.

Market analysts emphasize the significance of sustaining stability, ensuring security and continuing economic reforms to maintain the market’s positive trajectory. While the stock market’s historic high has garnered global attention, it is a testament to Nigeria’s vast potential. The hope is that this remarkable achievement will lead to improved living standards for Nigerians and enhance the nation’s economic stability.

This momentous milestone reflects the resilience and growth potential of the Nigerian stock market, with investors and stakeholders closely monitoring the nation’s economic progress./rewrite this article formally, I want it to be professionally written and engaging

Soukaina Sghir

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