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By Peter Egwuatu
The Nigerian stock market maintained a bullish run Week-on-Week, WoW, on renewed demand for large-capitalised stocks pushing the benchmark Nigerian Exchange Limited, NGX All-Share Index (ASI) to 247,357.40 points.
The positive reading reflected the stronger investor appetite for selected blue-chip and fundamentally strong stocks, with gains concentrated across the banking, consumer goods and industrial segments. The rally also came against the backdrop of improving sentiment around Nigeria’s corporate investment landscape following Dangote Refinery’s announcement of a successful $2.5 billion private equity placement.
The transaction, which was reportedly 3.7 times oversubscribed, signals a strong institutional appetite for large-scale Nigerian assets capable of providing an additional boost for market confidence ahead of the company’s proposed September listing.
Analysis of the market’, WoW, shows that the market capitalisation, which reflects the total value of stocks listed on the NGX, up N2.531 trillion to close at N159.588 trillion from N157.057 trillion the
