NGX-ASI hits all time high of over 70,000 points

Nigerian Exchange Limited’s All-Share Index (NGX-ASI) rose to an all-time high and shattered the 70,000-point barrier on Wednesday.

This milestone has generated excitement and reposed confidence in the future of Nigeria’s economic trajectory.

At the end of trading on the floor of the Exchange on Wednesday, the ASI jumped by 1.94 percent to 70,581.76 points from 69,236.19, with the market capitalisation of listed companies hitting N38.78 trillion. The market has been on an upward trajectory since the entry of the new administration led by President Bola Tinubu due to proactiveness in implementing necessary reforms such as removing fuel subsidies and liberalising the foreign exchange market.  Data from the NGX shows that while foreign investor participation in the capital market is slowly rising, domestic investor sentiment has been highly positive, with increased allocation into equities. As of September, total transactions in the equity market hit N2.71 trillion, 38 percent higher than the corresponding period in 2022.

While investor sentiment suggests that the Nigerian stock market’s recent peak is not a mere flash in the pan, experts stress the importance of ongoing stability, security, and continued economic reforms. 

The historic high of the Nigerian stock market has created ripples in the global financial arena, with investors keenly observing the nation’s economic trajectory. Although it does not guarantee prosperity, it does signify global recognition of Nigeria’s vast potential. 

The hope is that this extraordinary accomplishment will lead to improved living standards for Nigerians and bolster economic stability for the nation.