Nigerian Stocks Hit Record N163trn Market Cap as FTSE Frontier Return Nears

Nigeria’s equities market hit a fresh record on Friday, with market capitalisation rising to N162.6 trillion as investors extended a strong rally ahead of the country’s return to FTSE Russell’s Frontier Market index on Monday.

The All-Share Index rose 1.42 percent to 249,804.56 points from 246,315.38 points on Thursday, according to market data.

The rally added about N2.7 trillion to the market’s capitalisation in a single session, lifting it from N159.9 trillion on Thursday.

That takes the market’s gain to almost N5 trillion in five trading sessions, underscoring the strength of the latest rebound after months of profit-taking and consolidation.

Friday’s market capitalisation also surpassed the previous record of N161.84 trillion, reached on May 13, when the All-Share Index closed at 252,508.19 points.