By Onu Okorie

Nigerian Exchange Limited (NGX) equities market crossed the 250,000-point mark for the first time on Monday, as renewed buying interest pushed market capitalisation up by about N228 billion.
The NGX All-Share Index (ASI) rose by 352.24 points, representing a 0.14 per cent gain, to close at 250,156.80 points from 249,804.56 points recorded at the previous session.
The latest gain extended the market’s positive run to eight consecutive sessions and lifted its year-to-date return to 60.76 per cent. Market capitalisation also increased from N162.16 trillion to N162.39 trillion.
The performance came as Nigeria officially returned to FTSE Russell’s Frontier Market status, a development that has renewed international attention on Nigerian equities. The reclassification became effective at the opening of trading on September 21, with 30 Nigerian companies included in the FTSE Frontier Index Series.
Market activity remained strong, with investors trading 574.19 million shares valued at N38.06 billion in 68,655 deals. Although the value traded was lower than the N96.89 billion recorded in the previous session, the number of transactions increased substantially from 44,240 deals.
Financial stocks were among the major areas of investor interest, with Zenith Bank, Guaranty Trust Holding Company (GTCO) and FirstHoldCo attracting notable demand following the FTSE reclassification. Zenith Bank alone recorded 77.07 million shares in turnover, valued at about N9.9 billion, while its share price gained 0.2 per cent to close at N128.60.
Market breadth was also positive, with 39 stocks recording gains against 26 decliners, while the financial services sector accounted for 72.94 per cent of total traded volume.
The latest market movement follows Nigeria’s return to the FTSE Russell Frontier Market Index after the country was previously classified as “Unclassified.” NGX Group said the reclassification followed assessments of the country’s foreign-exchange environment, capital repatriation, market infrastructure and settlement arrangements.
The development has raised expectations of increased participation by international investors, particularly funds tracking FTSE Russell frontier-market benchmarks. However, market analysts have noted that the extent of any sustained foreign inflows will depend on the pace of portfolio adjustments and broader market conditions.
The record market performance also comes amid heightened activity in Nigeria’s primary capital market, including the ongoing public offering of Dangote Petroleum Refinery and Petrochemicals, which has attracted significant investor attention.
With the ASI now above 250,000 points and market capitalisation at N162.39 trillion, investors’ attention is expected to remain focused on foreign portfolio flows, banking stocks, monetary-policy developments and corporate activities as trading continues this week.