NGX Crosses ₦160 Trillion As Oil Stocks Drive Market Recovery

NGX Crosses ₦160 Trillion as Oil Stocks Drive Market Recovery

Nigeria’s stock market returned above the ₦160 trillion capitalisation mark on Monday, despite broad selling pressure across listed companies, as gains in the oil and gas sector and a handful of heavyweight stocks lifted the benchmark index. The recovery came amid mixed trading on the Nigerian Exchange, with investors continuing to sell shares across several listed companies while selected stocks recorded strong gains. Oil and gas stocks played a major role in supporting the market, helping to offset losses in other sectors and pushing overall market capitalisation back above the ₦160 trillion threshold. The performance highlights the influence of heavyweight companies and key sectors on the direction of the Nigerian equities market, particularly when gains in a few major stocks are strong enough to counter broader market weakness. The latest movement will be closely watched by investors as market participants assess corporate performance, economic conditions and other factors shaping investment sentiment. The return above the ₦160 trillion mark also provides a positive signal for the market, despite the continued selling activity recorded across a number of listed companies.