The Nigerian equities market rebounded strongly after a three-week bearish correction, adding N9.34 trillion to investors’ portfolios in the trading week ended July 10.
Driven by sustained institutional demand for fundamentally strong heavyweight stocks, the rally ranks among the largest single-week wealth creation events in the history of the Nigerian Exchange (NGX).
Market capitalisation surged from N147.103 trillion at the start of the week to N156.444 trillion, while the benchmark All-Share Index (ASI) gained 6.40%. The impressive performance briefly positioned the Nigerian stock market as the world’s top-performing equity market in year-to-date dollar returns.
