Nigerian stocks breach 250k points as market cap tops N162tn amid reforms
Nigerian equities rallied for an eighth straight session, pushing the NGX All-Share Index above 250,000 points to 250,156.80 and lifting market capitalization past N162 trillion. The index is up 61% year‑to‑date, with breadth improving to 39 advancers versus 25 decliners, turnover rising to N38.06 billion and deals jumping to 68,655.
The rally is driven by macroeconomic reforms, the Central Bank’s higher capital adequacy rules prompting bank rights issues, and the FTSE Russell frontier market reclassification that has brought over 31 liquid blue chips onto international radar. Sector performance shows the Banking Index up 4.43% weekly (74.22% YTD) and Oil & Gas up 125.94% YTD, while profit‑taking hit high‑value counters such as Okomu Oil (‑10%) and Custodian (‑9%). Pension funds and high‑net‑worth investors are rotating from low‑yield bonds into equities ahead of Q3 earnings.
With the 250,000 level now acting as support, analysts warn that volume contraction on up days could signal exhaustion and a retest of the mid‑range. Will you increase exposure to banking and telecom large‑caps, take profits in extended gainers, or wait for clearer breadth before adding to your portfolio?