Nigeria equities gain N847bn in week ended February 3

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

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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