Oil and gas stocks fuels NGX’s bullish week

Article Summary 

  • The Nigerian Exchange (NGX) experienced a bullish trend as the All-Share Index increased by 5.37% in the week ending June 2, 2023.
  • The market operated for four trading days due to a public holiday declared by the Nigerian government to commemorate the inauguration of the new President.
  • The Market Capitalization rose by N1.550 trillion, closing at N30.395 trillion, and the month-to-date performance was 0.09% with a year-to-date return of +8.92%.

 The Nigerian Exchange (NGX) closed bullish as the All-Share Index appreciated by 5.37% in the week ended 2nd June 2023. 

 The market opened for four trading days this week as the Federal Government of Nigeria declared Monday 29th May 2023 as Public Holidays to commemorate the inauguration of the newly elected President of the Federal Republic of Nigeria. 

 The Market Capitalization gained N1.550 trillion during the week to close at N30.395 trillion as against N28.845 trillion recorded last week. 

The month-to-date performance of the Nigerian stock market is 0.09% while the year-to-date return is +8.92%. 

Equity Market Performance 

A total turnover of 2.586 billion shares worth N46.643 billion in 35,122 deals was traded this week by investors on the floor of the Exchange.

This is in contrast to a total of 1.963 billion shares valued at N33.899 billion that exchanged hands last week in 30,827 deals.

The Financial Services Industry led the activity chart – in terms of volume – with 1.890 billion shares valued at N23.041 billion traded in 17,806 deals; thus contributing 73.10% and 49.40% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 170.218 million shares worth N638.188 million in 1,830 deals. While in third place was the Consumer  Goods Industry, with a turnover of 132.432 million shares worth N3.837 billion in 4,938 deals.

 The top three equities for the week (measured by volume traded) were Access Holdings Plc, United Bank for Africa Plc and FBN Holding, which accounted for 915.908 million shares worth N10.916 billion in 6,575 deals, contributing 35.42% and 23.40% to the total equity turnover volume and value respectively. 

Similarly, 16 indexes finished higher with the exception of NGX Growth which finished lower while both NGX ASeM and NGX Sovereign Bond indices closed flat. 

 NGX Oil/Gas Index was the best performing index as it appreciated 10.46% outperforming the All-Share Index (5.37%). 

 President Tinubu’s inauguration speech where he announced the removal of fuel subsidies was a crucial factor in the strong performance of the index as Investors were buoyed by the policy. 


CONOIL gained 45.78% to close at N69.90 per share 

ETERNA gained 32.14% to close at N9.25 per share 

JAIZ gained 30.00% to close at N1.30 per share 


TANTALIZERS was down -16.00% to close at N0.21 per share 

CHIPLC was down -11.48% to close at N0.54 per share 

PRESTIGE was down -8.89% to close at N0.41 per share 


Sixty-six (66) equities appreciated in price during the week higher than sixty (60) equities in the previous week.  

Twenty-three (23) equities depreciated in a price higher than twenty-one (21) in the previous week, while sixth-seven (67) equities remained unchanged, lower than seventy-five (75) recorded in the previous week.