The Nigerian capital market closed Tuesday’s trading, with the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) soaring to an unprecedented 66,490.34 points.
The index had risen by 0.51% from 66,151.38 the previous day, breaking the 15-year record of 66,371.20 set on March 5, 2008.
The market’s landmark achievement was largely credited to a surge in banking stocks, as investors sought to capitalize on recent record earnings announced by financial institutions.
Market capitalization also saw a remarkable increase, closing at N39.69 trillion up by 0.51% from N36.21 trillion on Monday.
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Since the inauguration of the Tinubu administration in May, the Nigerian stock market has been on an upward trajectory, registering impressive gains of 6.4% in June and 9.4% in July 2023. As of the end of July, the Year-to-Date (YTD) performance stood at 25.53%.
