Amid reforms within the country’s economic sector, the banking index closed the week positively to outpass other indices with a gain of 9.82 per cent.
Generally, the Nigerian Exchange Limited All-Share Index and Market Capitalization appreciated by 3.40 per cent to close the week at 63,040.41 and N34.326 trillion, respectively.
Similarly, all other indices finished higher except NGX Consumer Goods Index, which depreciated by 0.22 per cent, while the NGX ASeM and NGX Sovereign Bond Indices closed flat.
In terms of market value, the market recorded a gain of N556 billion in market capitalization during the year, as investors increased their buying pressure, especially on blue-chip stocks.
According to data from the Nigerian Exchange Limited, the banking index grew by 9.825 per cent or 63.35 basis points to close at 708.77 index points, as against the opening index of 645.42 at the beginning of the week.
The banking sector recorded a positive year-to-date performance of 69.77 per cent, according to data obtained from the NGX.
On a comparative basis, the NGX Banking Index had increased from 417.50 index points to 645.42 index points as of Jun 30, 2023 (The half year of 2023), as against what it closed on Dec 30, 2022, which was 417.5 index points.
The Central Bank of Nigeria had initiated foreign exchange reforms which saw the unification of the forex market.
Consequently, the average exchange rate of Naira against the US Dollar stood at N760/$1.
Earlier, the Monetary Policy Committee, on its 291st meeting, increased the Monetary Policy Rate (MPR) by 50 basis points, from 18 per cent to 18.50 per cent.
