The Nigerian Exchange Limited (NGX) recorded a N228 billion gain on Monday following FTSE Russell’s reclassification of Nigeria from Unclassified to Frontier Market status.
The development extended the Nigerian stock market’s winning streak to eight consecutive trading sessions.
NGX market capitalisation rose from N162.157 trillion to N162.385 trillion, representing a 0.14 per cent increase.
Similarly, the All-Share Index (ASI) gained 352.24 points, or 0.14 per cent, to close at 250,156.80, compared with 249,804.56 recorded on Friday.
The market’s year-to-date return also climbed to 60.76 per cent, while market breadth remained positive, with 39 stocks recording gains against 26 losers.
Nascon Allied Industries, Sunu Assurances, Thomas Wyatt Nigeria, Critical Minerals Financing Corp and Omatek Ventures topped the gainers’ chart, each rising by 10 per cent.
On the losing side, Okomu Oil fell by 10 per cent, while Custodian Investment and Sovereign Trust Insurance declined by 9.13 per cent and 8.64 per cent respectively.
Zenith Bank dominated trading activity, recording 77.07 million shares valued at N9.90 billion. Its transactions accounted for 13.42 per cent of total trading volume and 26.01 per cent of total value traded.
The FTSE Russell reclassification marks a significant development for Nigeria’s capital market, potentially improving the country’s visibility among international investors and positioning the NGX more firmly within global frontier-market benchmarks.
