The stock market just crossed a ridiculous mental barrier. Nigerian equities blasted past a hundred trillion naira in total value for the first time ever, hitting a wild 101.81 trillion. This happened after two straight days of gains this year, adding over two trillion naira already. The main index climbed to 159,218 points. For every stock that dropped, about nine others went up, showing crazy widespread optimism. People are jumping in early, betting on good annual reports and dividend payouts from companies. This follows a monster year where the market grew by more than half, making it a global top performer. The market's head honcho, Temi Popoola, called it a major moment showing fresh investor trust. He credited teamwork between regulators and the industry for making the market more transparent and liquid.
Another exchange official, Jude Chiemeka, noted the rally wasn't narrow. He pointed out strong action across banking, industrial, and consumer goods stocks, with higher trading volumes proving more people are getting involved. The market's huge run lately has a clear link to government policy, according to industry voices. Sehinde Adenagbe, who leads a group of securities dealers, connected the boom directly to economic reforms started under President Bola Tinubu. He mentioned key factors like a new investment law, getting off a global financial watchlist, and changes to the foreign currency system. That forex stability, he argued, made things more predictable for international investors. Adenagbe pushed for more actions to keep the ball rolling, like reviving old state companies for listing and fixing issues around capital gains tax. He also stressed that tackling security problems is essential for keeping investor money safe.
A fund manager, Kehinde Hassan, said the market's surge shows investors feel good about Nigeria's economic direction, since markets globally reflect risk appetite. This isn't some flash in the pan. Last year's fifty-one percent gain marked the sixth straight year of positive returns. The market was also a world beater the year before that, and it landed in the global top three the year before that. This hot streak broke the old pattern of slumping before elections. Back during the pandemic, the market actually soared by fifty percent, proving its resilience through a chaotic period.
Another exchange official, Jude Chiemeka, noted the rally wasn't narrow. He pointed out strong action across banking, industrial, and consumer goods stocks, with higher trading volumes proving more people are getting involved. The market's huge run lately has a clear link to government policy, according to industry voices. Sehinde Adenagbe, who leads a group of securities dealers, connected the boom directly to economic reforms started under President Bola Tinubu. He mentioned key factors like a new investment law, getting off a global financial watchlist, and changes to the foreign currency system. That forex stability, he argued, made things more predictable for international investors. Adenagbe pushed for more actions to keep the ball rolling, like reviving old state companies for listing and fixing issues around capital gains tax. He also stressed that tackling security problems is essential for keeping investor money safe.
A fund manager, Kehinde Hassan, said the market's surge shows investors feel good about Nigeria's economic direction, since markets globally reflect risk appetite. This isn't some flash in the pan. Last year's fifty-one percent gain marked the sixth straight year of positive returns. The market was also a world beater the year before that, and it landed in the global top three the year before that. This hot streak broke the old pattern of slumping before elections. Back during the pandemic, the market actually soared by fifty percent, proving its resilience through a chaotic period.
