The value of Nigeria’s listed equities increased by 3.88percent or N1.082trillion in the month ended Tuesday, January 31, 2023. Equity research analysts expect companies’ full year 2022 results to further fuel market activity in the short-term. Positive sentiment persisted in the market as investors continued to take position in stocks trading at attractive prices.
Ahead of the new month, market watchers do not see the recent Monetary Policy Committee (MPC) decision to raise the Monetary Policy Rate (MPR) by 100 basis points (bps) to 17.50percent triggering major sell-off as the market appears to have earlier priced-in the rate hike expectation.
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The market opened the year 2023 with its key indicators – the All-Share Index (ASI) and equities capitalisation at 51,251.06 points and N27.915trillion respectively but at the end of the first trading month, both indicators stood at 53,238.67 points and N28.997trillion.
In the review month, investors showed buy interest across all sectors. Despite record interest in industrial stocks, investors were more bullish in buying banking, consumer goods, oil & gas, and insurance stocks.
NGX Banking Index was up by 6.83percent in January, followed by NGX Consumer Goods Index which rose by 5.64percent. Also, NGX Oil & Gas Index increased by 5.41percent in the review trading month; NGX Insurance Index rose by 5.36percent, while NGX Industrial Index increased by 2.14percent.
