Stock Market Records N2.84trn Increase in One Week on Positive Momentum

The Nigerian stock market experienced a significant N2.84 trillion increase in market capitalization over the past week, marking the sixth consecutive week of positive momentum. The Nigerian Exchange Limited Index (NGX ASI) rose by 1.96%, reaching a new high.

Total turnover was recorded at 1.95 billion shares valued at N23.69 billion. Investor sentiment remained positive, with 66 gainers and 41 decliners.

Mutual Benefits Assurance, AIICO Insurance, and Royal Exchange were among the top gainers, while Livingtrust Mortgage Bank and Academy Press were the top decliners. Looking ahead, analysts anticipate a mixed performance in the equity market, with a focus on fundamentally strong sectors like Insurance, Consumer Goods, and select Industrial tickers.

The Insurance sector is expected to remain in focus due to recent price movements and corporate earnings expectations.