Stocks surge to N140trn as global investors pile back into Nigeria

The Nigerian stock market is currently charging toward a historic N140 trillion valuation, catalysed by a massive buy signal from the international investment community. This bullish momentum follows the pivotal April 7 announcement of Nigeria’s reclassification from “unclassified” back to Frontier Market status, a move that has already seen equities market capitalisation surge by approximately N10 trillion.

As of Friday, April 17, the market’s primary performance indicators reflect this aggressive growth. The All Share Index (ASI) and total market capitalisation, which stood at 202,584.88 points and N130.4 trillion on April 8, have climbed to 217,167.57 points and N139.826 trillion, respectively. This rally is underpinned by a remarkable streak of eight consecutive days of positive closes, signalling a renewed and robust confidence in Nigeria’s evolving financial landscape.

By Iheanyi Nwachukwu

Full story at Business Day