Remarkable demand in oil & gas, banking, insurance and industrial stocks helped push Nigeria’s equities market to new high in trading week ended Friday, February 3.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation increased by 2.97percent and N847billion respectively.

While large-cap stocks elevate activity level on the Bourse, analysts expect full year results of companies to further dictate market performance in the new week.

Read also: Notore records N7.2bn gross profit for Q4″22

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Driven by buy-side activities in favour value counters like Seplat Energy Plc and MRS, the NGX Oil & Gas Index increased most in the review week by 9.16percent.

It was followed by NGX Banking Index which increased by 2.49percent, NGX Insurance Index (+0.27percent), and NGX Industrial Index (+0.13percent). NGX Consumer Goods Index was the only laggard after decreasing by 0.42percent in the review week.

The market has risen by 5.78percent year-to-date (YtD), while this month it’s up by 1.83percent.

Week-on-Week (WoW), the NGX ASI and equities market capitalisation rose from preceding week’s 52,657.88 points and N28.681 trillion to 54,213.09 points and N29.528trillion.

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By Iheanyi Nwachukwu • February 6, 2023

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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