Nigerian Stock Market Gains 0.29% as NGX Surpasses N160trn

On Monday, the Nigerian stock market commenced the week positively, achieving a modest gain of 0.29% driven by investor bargain-hunting. The Nigerian Exchange (NGX) Limited's value rose to N160.600 trillion, recovering from a previous dip below N160 trillion.

The All-Share Index (ASI) increased by 707.34 points, closing at 247,699.78 points, up from 246,992.44 points in the last session. However, market breadth remained negative, with 12 stocks gaining and 43 losing.

Trading activity saw a total of 407.9 million shares worth N27.3 billion exchanged in 52,322 deals, reflecting an 81.46% decline in trading volume and a 62.81% drop in trading value compared to the previous session. Additionally, the President of Dangote Industries Limited announced that domestic workers and other individuals would be eligible to purchase shares in the upcoming Dangote Petroleum Refinery and Petrochemicals IPO, priced at N525 per share, aimed at giving ordinary Nigerians a stake in Africa's largest oil refinery.