NGX investors gain N1.75tn as Dangote Refinery IPO closes

Investors in the Nigerian equities market gained N1.75 trillion on Tuesday as the Nigerian Exchange Limited, NGX, extended its rally, with the Dangote Refinery’s N525-per-share initial public offering, IPO, also closing on the same day. DAILY POST reports that the market capitalisation rose to N164.91 trillion from N163.16 trillion recorded in the previous session, representing an increase of approximately N1.75 trillion. The NGX All-Share Index advanced by 1.07 per cent to close at 253,990.06 points from 251,290.54 points recorded on Monday. Consequently, the market’s year-to-date return rose to 63.22 per cent. The rally was driven largely by gains in industrial stocks, particularly Dang...