Investors in the stock market yesterday recorded a N510 billion gain after All Share Index (ASI), the key performance measurement barometer in the market, hit a 15-year high. The All-Share Index of Nigerian Exchange Limited (NGX) Tuesday rose by 0.51 percent to 66,490.34 points from 66,151.38 on Monday surpassing the highest value of 66,371.20 recorded on the Exchange on March 5, 2008. The new record also surpassed the high of 66,371.2 basis points, set over 15 years ago on March 5, 2008.
Additionally, the market capitalisation saw a remarkable increase, closing at N39.69 trillion from N36.21 trillion on Monday.
Nigerian stocks have been in an uptrend since President Bola Tinubu introduced some of the country’s boldest reforms in decades in the early weeks of his administration, especially an abolition of costly fuel subsidies and a unification of multiple exchange rates.
They reached the peak of performance since March 1996, when official records began, hinged on buyers’ interest in the shares of big lenders, Zenith, FBN Holdings, Access Holdings, and GTCO.
Demand for a good number of consumer goods stocks also assisted gains, with equities adding N348 billion at the close of trade.
