Nigerian stocks at highest level ever as major index crosses 70,000
The Nigerian stock market has achieved an unprecedented milestone by surpassing 70,000 basis points, closing the day in positive territory with the All Share Index (ASI) at 70,581.76. This remarkable upswing in the market's sentiment is credited to various factors.
Among them are favorable policies introduced by President Bola Tinubu's new administration. These include the removal of fuel subsidies, the rationalization of exchange rates, and the decision to float the naira. These policy changes have boosted investor confidence and spurred optimism in the market.
Additionally, investors have strategically positioned themselves to capitalize on the recent record earnings reported by publicly traded companies. This confluence of factors has created a conducive environment for the stock market to flourish, resulting in its noteworthy performance and crossing the significant threshold. In June, the 60,000 index points, for the first time since 2008.
Points clés à retenir
The Nigerian Exchange Group (NGX), now the third-largest in Africa with a market cap of $48.5 billion, has been making waves. Last year, it ranked as the world's fourth-best performing stock index, delivering a 19.99% return on investments, according to the MSCI All-Country World Index (ACWI), which tracks 3,000 global stocks. This success was mainly thanks to rising global oil and gas prices, benefiting energy-related stocks. This year, the NGX All-Share Index has hit its highest point ever, propelled by significant currency and economic reforms by a new administration. Banking and telecom stocks have led the recent surge, although Dangote Cement and Bua Cement, both cement firms, rank among the top three listed companies. Additionally, the NGX benefits from rising inflation, which reached 27.6% in September, as domestic investors seek to safeguard their savings.
Vous pensez que quelqu'un d'autre devrait voir ça ?
Investir dans cette opportunité et dans d'autres opportunités à travers l'Afrique
Téléchargez l'application daba finance sur votre mobile via
Passer à l'action.
Télécharger l'application
Entrez en partenariat avec nous
Débloquez des opportunités commerciales passionnantes et un potentiel de croissance.
Rejoindre Daba
Devenez membre de notre communauté dynamique et profitez d'avantages exclusifs.
Contactez-nous
Contactez-nous pour toute demande de renseignements, assistance ou collaboration.