Transactions on the Nigerian Exchange (NGX) closed trading on Wednesday, November 1st, 2023, in the positive territory as the All-Share Index appreciated by 1.94% to cross 70,000 index points.
The equities market gained 1.94% as the market capitalization appreciated by N739 billion to close at N38.778 trillion.
Data from NGX shows that while foreign investor participation in the capital market is slowly rising, domestic investor sentiment has been highly positive, with increased allocation into equities. Already, total transactions in the equity market hit N2.71 trillion as of September end, 38% higher than the corresponding period in 2022.
Experts attribute the development to several factors, including favourable policies introduced by President Bola Tinubu’s administration such as the removal of fuel subsidies, streamlining of exchange rates, the floating of the naira and investors strategically positioned themselves and taking advantage of the recent record earnings posted by quoted firms.
