The Nigerian stock market sustained its bullish momentum this week, with the total market capitalization appreciating by approximately N1.36 trillion in just three trading days, driven by renewed investor confidence and strong performances across key blue-chip stocks.

Data from the Nigerian Exchange Limited (NGX) indicated that market capitalization surged from N58.24 trillion at the start of the week to N59.60 trillion by Wednesday’s close. The All-Share Index (ASI) similarly advanced, reflecting a broad-based rally led by gains in the banking, oil and gas, and industrial sectors.

Market analysts attribute the uptrend to improved macroeconomic indicators, policy clarity from the Central Bank of Nigeria (CBN), and renewed interest from both local and foreign investors seeking value opportunities amid relatively stable foreign exchange conditions.

“The market is reacting positively to the recent reforms and liquidity improvements,” said Ayodeji Ebo, an investment strategist. “We’re seeing strong inflows, particularly into tier-one banks and major industrial players.”

Top-performing stocks included Dangote Cement, MTN Nigeria, Zenith Bank, and Seplat Energy, all of which recorded significant gains during the period. The positive sentiment was further bolstered by expectations of improved third-quarter corporate earnings and moderated inflationary pressures.

Despite the rally, market watchers advise caution, noting that profit-taking could cause short-term pullbacks. However, the overall outlook remains optimistic as institutional investors continue to re-enter the market.