Nigeria’s equities market crossed a major milestone on Monday, September 21, as the NGX All-Share Index closed above 250,000 points for the first time.
The index rose 0.14% to 250,156.80 points, extending its winning streak to eight consecutive trading sessions. Market capitalisation also increased by about ₦228 billion to ₦162.39 trillion, while the market’s year-to-date return climbed to 60.76%.
The development coincided with Nigeria’s official return to the FTSE Russell Frontier Market indexes, a reclassification that took effect on September 21.
According to market analysts cited by Punch, the FTSE re-entry has increased interest from foreign and institutional investors, particularly in Nigerian banking stocks. Analysts said the development could also encourage additional foreign investment in naira-denominated government securities and improve liquidity in the secondary bond market.
The increased participation could also support foreign-exchange liquidity if investment inflows are sustained. However, analysts noted that greater exposure to international investors can also make the Nigerian market more sensitive to global market conditions and exchange-rate movements.
The record performance adds to a period of strong activity in Nigeria’s capital market, with investors closely watching the impact of new foreign investment flows and recent corporate developments.
For Nigerian investors, the market’s performance represents another significant development as the country seeks to deepen its capital markets and attract more international participation.
