The Nigerian Exchange Limited (NGX) achieved a remarkable milestone with its market capitalization soaring to N110.23 trillion, largely propelled by a surge in the Oil & Gas sector. This increase reflected a robust 3.8 percent appreciation over the past week, as investor confidence surged and positive corporate earnings reports contributed to a bullish market sentiment. The All-Share Index reached an unprecedented high of 171,727.49 points, showcasing the vitality of the exchange amidst favorable trading conditions.

Particularly noteworthy was the Oil & Gas index, which experienced an impressive gain of 10.88 percent, making it the standout performer of the week. Companies like Aradel and Seplat were at the forefront of this rise, with their share prices climbing by 15.7 percent and 10.0 percent, respectively. This uptick in the Oil & Gas sector not only boosted the market cap but also had a cascading effect on other sectors. The Industrial Goods index rose by 4.36 percent, driven by substantial price increases in key market players like Dangote Cement, which appreciated by 7.1 percent, and WAPCO at 6.4 percent.

The Banking sector also joined in on the upward momentum, seeing a 3.6 percent increase due to notable performances from Wema Bank and FBN Holdings, which grew by 6.8 percent and 4.4 percent, respectively. Overall, the wave of positive market activity reflects a healthy investment climate in Nigeria, with prospects for continued growth in various sectors as investor confidence remains high.