The benchmark index of the Nigerian stock market climbed past the 200,000-point mark for the first time on Monday.
Data from the Nigerian Exchange showed the All-Share Index (ASI) rose by 1.55 percent to close at 201,474.89 points, up from 198,407.30 recorded at the end of trading last Friday.
The gain lifted the market’s month-to-date return to 4.48 percent, while the year-to-date performance advanced to 29.47 percent.
Market capitalisation also increased during the trading session, rising to N129.33 trillion compared with N127.36 trillion posted in the previous session.
Trading activity strengthened as investors executed about 72,700 deals. In total, 948.1 million shares valued at N49.15 billion were exchanged on the market.
Stocks within the financial services sector accounted for the largest share of trading volume during the session.
Commenting on the development, Temi Popoola, group managing director and chief executive officer of Nigerian Exchange Group, said recent economic reforms are encouraging market growth.
According to Popoola, “Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively.
“Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market.”
Also speaking, Jude Chiemeka, chief executive officer of the Nigerian Exchange, attributed the milestone to strong investor interest across major sectors of the market.
“Crossing the 200,000-point mark reflects strong investor engagement and consistent demand across key sectors,” Chiemeka said.
Among the biggest gainers during the trading session were BUA Cement Plc, Premier Paints Plc, John Holt Plc, Guinea Insurance Plc and FTN Cocoa Processors Plc.
However, some stocks closed in the red, including VFD Group Plc, Royal Exchange Plc, Omatek Ventures Plc, Sovereign Trust Insurance Plc and Regency Alliance Insurance Plc.
The latest performance extends the rally in Nigerian equities this year, with the market’s benchmark index already posting strong double-digit gains since the beginning of the year.
