The newly enacted Insurance Industry Act, improved corporate earnings for the second quarter of the year, Q225, and some macro economics development have greatly impacted the stock market, as the major index of the market rose Week on Week, WoW, by 3.2.
Specifically, the Nigerian Exchange Limited, NGX, All Share Index, ASI, closed higher, last week, at 145,754.91 points from 141,203.05 points the previous week, thus sustaining the bullish momentum for the eleventh consecutive week.
In the same vein, market capitalisation, which represents the total value of equities listed on the Exchange, gained over N2.214 trillion WoW to close last week at N92.214 trillion from N89.372 trillion the previous week.
Market operators have emphasised that the positive performance of the market was underpinned by sustained bargain hunting, a strong positive reaction to the enactment of the Insurance Industry Reform Act, Q2 earnings result and some macro economics development.