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Nigeria’s Stock Market Records Highest Level Ever

Updated: Sep 4, 2023

Today we are excited to share some great news from the Nigerian stock market that underscores the potential for profitable investments in Africa's most vibrant economy. There's never been a better time to consider investing in this dynamic market.

Last week, Nigerian stocks recorded new heights as the all-share index (ASI) of the Nigerian Exchange Limited (NGX) soared to an all-time high of 66,490.34 basis points, surpassing the previous record set over 15 years ago. This remarkable achievement showcases the resilience and growth potential of the Nigerian equities market.

The market capitalization also witnessed a significant boost, climbing from N36.21 trillion to N39.69 trillion in a single day. This surge in market capitalization, reaching approximately $52 billion, reflects increased investor confidence and highlights the attractiveness of the Nigerian market.

Diverse Gains Across Sectors

The positive momentum extended across various sectors, with manufacturing, fast-moving consumer goods (FMCG), and Agro-allied businesses leading the charge. Companies like Champion Breweries and Flour Mills of Nigeria experienced impressive gains of 10.0 per cent each in their share values. While there were some losses, the overall market sentiment remained buoyant, with 34 gainers and 32 losers.

Three out of the five indices tracked at the Nigerian Exchange closed in positive territory. The NGX Banking, NGX Consumer Goods, and NGX Industrial indices witnessed gains of 1.63 per cent, 0.99 per cent, and 0.21 per cent, respectively. While there were marginal declines in the NGX Insurance and NGX Industrial indices, the overall sectoral performance paints a picture of growth and potential.

The Nigerian market also recorded robust activity. The total number of deals, trading volume, and value gained significant increases. With a rise of 10.27 percent in total deals, 40.45 percent in trading volume, and a staggering 79.14 percent in trading value, the market is buzzing with activity and opportunities.

As the Nigerian stock market continues to achieve record-breaking milestones, it's clear that opportunities for investors are thriving. The country's robust economic potential, diverse sectors, and demonstrated investor interest are all factors contributing to the market's upward trajectory.

Consider exploring investment options in Nigeria by joining the W2A Investor Club.



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