Nigerian stock market capitalisation hits 165.114 trillion naira
By the AFREEQUE newsroom, based on Business Day Nigeria
The Nigerian stock market’s capitalisation reached a record 165.114 trillion naira, while the NGX All-Share Index rose to 254,299.49 points on Friday 30 October. The market is up more than 61% since the start of the year, driven by buying in heavyweight stocks, including Dangote Cement, according to Business Day Nigeria.
The capitalisation of Nigeria’s stock market reached a record 165.114 trillion naira on Friday 30 October. The NGX All-Share Index also hit an all-time high of 254,299.49 points, taking its year-to-date gain to more than 61%, Business Day Nigeria reports.
The rise was supported by demand for major industrial and financial stocks, including Dangote Cement, whose surge lifted the Nigerian Exchange’s industrial index. Purchases by institutional investors and the search for undervalued shares ahead of earnings announcements offset profit-taking in some smaller sectors.
Temi Popoola, chief executive of Nigerian Exchange Group, said the performance reflected growing confidence in the potential of the Nigerian economy and the opportunities available to investors. Jude Chiemeka, chief executive of Nigerian Exchange Limited, also saw it as a sign of broader investor participation and a more resilient market, according to Business Day Nigeria.
The record comes after Dangote Cement became Nigeria’s most valuable listed company again on 29 October. Its market value had also exceeded 20 trillion naira on 27 October.
