Nigerian stocks continued their upward trajectory for the second trading day of 2024, soaring 2.04% on Wednesday.
This fresh round of gains was fuelled by strong performances from banking, consumer goods, and oil sectors, according to data from the London Stock Exchange Group (LSEG).
The benchmark NGX All-Share Index climbed to a record high of 77,537.57 points, surpassing its previous peak of 74,773.77 points set on December 31, 2023.
This impressive feat comes after a 1.63% gain on Tuesday, the first trading session of the year, and builds upon a remarkable 45.90% surge throughout 2023.
Market leaders
Wednesday’s rally was led by banking stocks, which surged by a notable 6.66%. Consumer goods companies followed suit, adding 2.42% to their value. Oil firms also contributed to the market’s ascent, experiencing a healthy 1.89% increase.
The performance marks a new milestone for the Nigerian stock market. In November 2023, the index surpassed the psychological barrier of 70,000 points for the first time.
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