Nigerian Stocks Surpass 250,000 Points Amid Market Surge

Nigerian stocks have achieved a significant milestone as the All-Share Index surpassed 250,000 points, closing at 250,156.80 points, with a market capitalization exceeding N162 trillion. This marks the eighth consecutive positive session, reflecting a year-to-date increase of 61%.

The market showed improved breadth with 39 advancers against 25 decliners, and trading volume rose by 9.16% to 574.19 million units valued at N38.06 billion. The surge is driven by macroeconomic reforms, financial consolidation, and renewed engagement with international markets.

The 250,000 level now serves as a support point, with the index expected to maintain a bullish outlook if it remains above previous highs. The Banking Index rose by 4.43% weekly, with a year-to-date gain of 74.22%, while the Oil & Gas sector saw a remarkable 125.94% increase.

Institutional rebalancing is ongoing, particularly among major players like First Bank Holdings and NGX Group, as they prepare for the Q3 corporate reporting season.