The market capitalisation of the Nigerian Exchange Limited (NGX) added N2.6trillion in its Year-till-Date (YtD) performance as foreign investors and high network investors renewed interest in high-mid capitalised stocks.
The overall market capitalisation (total value of all companies’ stock on NGX) closed last week at N24.898trillion from N22.297trillion it opened in 2022, an increase of 11.7 per cent.
Consequently, the NGX All-Share Index also appreciated by 8.17 per cent or 3,488.61 basis points from 42,716.44 basis points it opened in 2021 to close last week at 46,205.05 basis points.
Stock price appreciation in oil & gas, banking, industrial goods indices lifted the stock market in its YtD performance, while insurance and consumer good index depreciated over investors’ weak sentiment trading activities.
The oil & gas index has gained 13.78 per cent to 392.55 basis points, while NGX industrial goods index closed last week at 2,066.63 basis points, an increase of 2.90 from 2,008.30 basis points the market closed in 2020.
On the flip side, the NGX insurance index was down by 5.76 per cent to 186.69 basis points from 198.11 basis points it opened for trading in 2022, while the consumer goods index depreciated by 2.26 per cent to 392.55 basis points last week.
As gathered by WESTERN POST investors’ bargain hunting in Airtel Africa Plc, Totalenergies, Zenith Bank Plc, among others drive the market in the period under review.