Breakdown of trading last week shows that the NGX market capitalisation, which reflects the total value of stocks listed on the Exchange, closed at N156.444 trillion from N147.102 trillion the previous week.
Similarly, another strong market performance indicator, NGX All Share Index, ASI, which shows the price movements of all stocks surged by 6.4% to close at 243,798.76 points from 229,240.34 points.
The positive performance was largely driven by gains in heavyweight stocks such as Dangote Cement, which rose by 17.51%, Airtel Africa 10%, MTNN 8% and ARADEL 19.67% .
Analysts noted that the market maintained its upward trajectory throughout the trading session last week except for Friday trading, as investors continued to rotate funds into fundamentally sound large and medium cap stocks. The sustained inflow of funds into blue chip equities underscores confidence in Nigeria’s stock market despite heightened geopolitical risks in the global economy.