The Nigerian Exchange has once again crossed the historic ₦160 trillion market-capitalisation threshold, supported in part by the listing of new Dangote Sugar shares.
The NGX All-Share Index rose 0.29% on September 7 to reach 247,699.78 points. Market capitalisation increased by ₦1.04 trillion to ₦160.6 trillion. The market’s year-to-date return reached 59.18%. The increase was reinforced by the admission of 8.09 billion new ordinary shares of Dangote Sugar Refinery. The transaction increased the company’s contribution to total market capitalisation and strengthened the overall size of the Nigerian equity market.
The Market Returns to Record Levels
The session also saw gains in several major listed companies, including Aradel Holdings and MTN Nigeria. However, part of the increase in market capitalisation resulted from the expansion of the share capital base following the new listing rather than from share-price appreciation alone.
Nevertheless, Nigeria’s stock market continues to post exceptionally strong gains since the beginning of the year, supported by economic reforms, growing domestic investor participation and expectations surrounding major corporate transactions.
