NGX Hits N122 Trillion High, Strongest Daily Gain Since May 2023
The Nigerian Exchange (NGX) closed at N122 trillion, its highest ever, with a N5 trillion daily gain driven by Dangote Cement, Nestle Nigeria, and MTN Nigeria stocks rising 10% each. This marks the strongest daily gain since May 23, 2023. The All-Share Index rose 4.36% to 190,262 points, fueled by PenCom's revised equity limits unleashing N5 trillion liquidity. Market indicators show overbought conditions with RSI levels above 70, though analysts note this doesn't guarantee a crash. Investors should consider high-quality stocks with steady profits amid sector rotation.