Nigerian Stock Market Gains N2.67 Trillion on Oil Rally

The Nigerian stock market experienced a significant gain of N2.67 trillion, attributed to a rally in the oil and gas sector. The Nigerian Exchange Group (NGX) share index rose by 2.15%, settling at 196,968.15 basis points, marking a year-to-date return of 26.58%.

Market capitalization increased from N123.76 trillion to N126.43 trillion. The oil and gas sector emerged as a standout performer, climbing 9.43% during the week, driven by strong buying interest in companies like Oando and Aradel Holdings, as crude oil prices rose due to escalating geopolitical tensions in the Middle East.

Brent crude climbed to around $84 per barrel, while West Texas Intermediate crude rose to $78 per barrel. The rally reflects sustained investor confidence in the domestic market, with the energy sector attracting significant attention.

Despite a decline in trading volume and a negative market breadth, analysts attribute the gains to strong investor appetite for fundamentally sound stocks and the positive outlook for oil prices.