Nigerian Equity Market Capitalization Hits N9.34 Trillion

The Nigerian equity market experienced a significant rise in market capitalization, reaching N9.34 trillion, driven by renewed buying interest across major counters. The benchmark NGX share index advanced by 6.35% week-on-week, closing at 243,798.76 points.

This performance has lifted the market's year-to-date return to 56.67%, reinforcing Nigeria's position as one of the strongest-performing equity markets globally, with a reported 67% return in U.S. dollar terms, surpassing South Korea's KOSPI, according to Bloomberg's ranking of 92 global stock exchanges. The market breadth remained positive, with 60 stocks advancing against 28 declining.

Despite a slight decline in trading activity, investor confidence remained strong, with total trade volume decreasing by 4.52% and transaction value increasing by 42.86% to N220.568 billion. The financial services industry led trading activity, contributing significantly to the total equity turnover.