Nigerian stocks continued their upward trajectory, marking the fifth consecutive session of gains. Led by banks, the main index surpassed a psychological milestone, reaching a record-breaking 80,328.58 points, according to NGX data.
The All Share Index closed 0.83% higher, reflecting the ongoing positive trend in the market. The current surge follows a 6.5% increase in early 2024, building on the significant gains of 45.90% observed in the previous year, as local funds increasingly invest in equities.
The index of Nigeria’s top 10 banks played a pivotal role in the day’s success, climbing 2.23%, leading the overall charge on the stock exchange.
Nigerian equities began their rally in late May of the preceding year, coinciding with President Bola Tinubu’s introduction of reforms in the country’s foreign exchange market. Additionally, the removal of a costly but popular fuel subsidy further fueled market optimism, contributing to the sustained growth in the stock market.
