Oil and gas drives market surge as investors gain N1.90trn on NASD

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1 week ago

Investors earned N1.90 trillion on NASD OTC Exchange last week as NASD All-Share Index and market capitalisation rose by 1.86 per cent to close at 3,248.00 valued at N1.90 trillion, compared to 3,188.76 valued at N1.87 trillion recorded in the preceding week, respectively.

According to the trading report of NASD in the week ended Friday, 30th May, trading in Oil and Gas Sector, dominated transactions on the OTC Exchange, accounting for 81.37 percent of the total trading in the review period.

Leading the activity chat, 506.19 million shares valued at N4.18 billion of Oil and Gas exchanged hands in 21 deals, followed in distant second by Consumer Goods Sector where 15.77 million shares worth N638.94 million in 48 deals were traded.

Market watchers attributed the bullish trend to growing investor confidence, driven by the federal government’s favorable policy direction and relative economic stability.

The Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 27.5 percent also contributed to the positive sentiment.

Specifically, the MPC cited the moderation of inflation, particularly food inflation, and stability in the foreign exchange market as reasons for the decision.

The NASD report also indicates that a total of 551.01 million shares worth N5.14 billion were traded in 133 deals, representing a significant increase from the previous week.

Air Liquide Plc and Friesland Campina Wamco Nigeria were among the top traded securities.