Nigeria's All-Share Index Crosses 70,000 Points Threshold | Business Edge | 02-11-23

In a historic turn of events, the Nigerian stock market experienced a remarkable surge, surging past the significant milestone of 70,000 points for the very first time. This remarkable achievement marks a significant moment in the nation's financial landscape.

The All Share Index, reflecting the overall performance of stocks, exhibited a resounding climb of 1.94%, culminating at an impressive 70,581 points. This momentous gain was the culmination of a trend that saw stocks appreciate in value for the third consecutive trading session. Investors and market enthusiasts watched in anticipation as bullish sentiment seemed to dominate the market.

This surge in the stock market has been partly attributed to the series of economic reforms spearheaded by President Bola Tinubu and his administration. These reforms have garnered widespread attention and a positive reception in the financial sector. As a result, investors, particularly local funds, have shown renewed enthusiasm for equities. The market has witnessed a striking 35% increase in stock value since the inception of these economic reforms, reflecting growing confidence in the Nigerian economy.

However, amidst this domestic resurgence in stock investments, foreign investors have remained cautious and somewhat passive. While the local market appears to be thriving, international investors have adopted a more reserved stance, perhaps waiting for more sustained positive indicators before re-entering the market.

The Nigerian stock market's achievement of crossing the 70,000-point mark is a testament to the growing optimism and confidence in the nation's economic prospects. As President Tinubu's economic reforms continue to unfold, the financial markets remain a focal point, with both domestic and foreign investors keeping a watchful eye on the developments that will shape Nigeria's economic future.

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Nigeria's All-Share Index Crosses 70,000 Points Threshold | Business Edge | 02-11-23

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