The Nigerian Exchange (NGX) Index reached an unprecedented peak last week, reflecting strong market performance amid a backdrop of mixed investor sentiment.
This milestone highlights the resilience of the Nigerian stock market, particularly in the banking and telecommunications sectors.
The NGX All-Share Index climbed by 0.75%, closing the week at 75,342.18 points, fueled by robust demand for blue-chip stocks.
Analysts attribute the trend to positive corporate earnings reports and promising economic indicators.
Nonetheless, the market experienced a blend of sentiments, with some sectors facing pressure from profit-taking activities and concerns about potential interest rate hikes.
Investors are keenly observing economic policy developments and their possible effects on market trends.
Telecommunications giants such as MTN Nigeria and Airtel Africa played a crucial role in the index's ascent.
The banking sector also contributed significantly, with notable performances from Zenith Bank and Guaranty Trust Holding Company.
Despite the mixed sentiments, the total market capitalization expanded, indicating heightened investor interest in the Nigerian stock market.
Market experts suggest that despite possible short-term fluctuations, the long-term outlook remains optimistic, supported by ongoing economic reforms and strategic investments in key industries.
Trading on the NGX closed on Thursday after the Nigerian government announced Eid holidays for Friday and Monday.
Trading will resume on Tuesday.
