Nigerian Oil Sector Drives NGX to N110.23tn Market Cap with Bullish Performance

The Nigerian oil and gas sector played a pivotal role in boosting the Nigerian Exchange Group (NGX) to a market capitalization of N110.23 trillion. The surge in the oil and gas sector led to a historic high in the share index, which rose by an unprecedented 171,727.49 points, representing a robust 3.8% weekly appreciation.

Companies like Aradel and Seplat experienced substantial share price increases of 10.88% and 15.7%, respectively. Other sectors such as industrials and banking also saw gains, with Dangote Cement and WAPCO rising by 7.1% and 6.4%, respectively.

The overall market performance was supported by strong showings from Wema Bank and FBN Holdings. Trading activity increased significantly, with a total turnover volume of 3.860 billion shares, indicating growing investor participation.

Analysts expect the bullish trend to continue, driven by positive investor sentiment, upcoming corporate earnings releases, and the dividend season.