NGX Opens Week at Record High, Gains N1.91tn
The Nigerian Exchange (NGX) reached a record high of 248,529.75 points, driven by gains in select heavyweight stocks. Despite the index growth, market breadth remained negative as profit-taking led to more declining stocks than gainers.
Why it matters
This record performance reflects significant investor confidence and capital inflow into the Nigerian equities market, despite broader economic volatility.
The Nigerian equities market opened the week on a strong footing on Monday, with the benchmark NGX All-Share Index rising 1.21 per cent to a fresh record high of 248,529.75 points, as renewed buying interest lifted total market capitalisation by N1.91tn to N160.42tn. The latest rally pushed the market’s year-to-date return to 59.71 per cent, further extending the gains recorded by equities investors since the beginning of the year. According to the Nigerian Exchange Limited’s Daily Official List, the ASI closed at 248,529.75 points, compared with 245,573.60 points recorded at the previous trading session. The index also recorded an intraday high of 248,529.75 points, while the five-day average index stood at 245,805.55 points. Despite the strong index performance, market breadth remained negative, indicating that the rally was driven by gains in selected heavyweight stocks rather than broad-based buying.
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