Nigerian stocks rise ahead of frontier status

The Nigerian stock market concluded last week with a significant upward trend, extending its rally for a second consecutive week. Investors demonstrated renewed buying interest, particularly in sectors poised for growth, contributing to a substantial increase in market value. The Nigerian Exchange Limited (NGX) AllShare Index (ASI) rose by 2.36 percent, closing at 246,992.44 points from 241,298.47 points the previous week. Market capitalization saw an expansion of approximately N3.72 trillion, reaching N159.54 trillion by the week's end. This positive performance has bolstered the market's year-to-date return to 58.72 percent. The gains were largely attributed to improved investor sentiment following the confirmation of Nigeria's reclassification to FTSE Russell's Frontier Market status, which is scheduled to take effect on September 21, 2026. This anticipated upgrade is expected to attract renewed attention from global funds. Trading activity strengthened considerably during the week. Investors exchanged 4.36 billion shares valued at N210.33 billion across 223,284 deals, marking increases of 73.93 percent in volume, 70.73 percent in value, and 28.