Despite election uncertainties, the Nigerian stock market rose by 4.82% in February 2023. According to NGX data, the All-Share index increased from 53,238.67 points in January 2023 to 55,806.26 points at the end of February.
Despite the uncertainties surrounding the national presidential election, the positive sentiment in the local equities market was largely attributed to investors who were taking positions in anticipation of dividend payments and impressive financial results for the year.
Companies are beginning to release their audited financials for the year 2022, with some declaring dividend payments to shareholders. MTN, Dangote Cement, BUA Cement, and Nestle Nigeria, among others, have already declared final dividends for 2022.
How did sub-indices fare?
An in-depth examination of the equities market data revealed that the NGX 30 index gained 4.43% in the review month, the premium index gained 7.04%, and the banking index gained 3.99%.
Furthermore, the oil and gas index increased by 15.97% in the month under review to 565.38 index points as of the end of February 2023, while the industrial goods index increased by 2.57%.
Investors constantly monitor the performance of listed stocks in order to identify stocks that are worth buying or selling at any given time. As a result, Nairametrics has compiled a list of the best-performing stocks in February 2023.
Best-performing stocks in February 2023
- Tripple Gee’s stock price rallied by 172.9% in February 2023, closing the month at N2.62 as of the end of the month from 79 kobo recorded in the previous month.
- The firm, which is involved in the manufacturing of financial and commercial instruments, labels, and flexible packaging materials, and high-end authentication and verification services was the best-performing stock in the local bourse in February 2023.
- Meanwhile, MRS Oil saw its share price appreciate by 130.3% to close the month of February 2023 at N36.85 from N16 as of the previous month. Conoil joined the list with a 76.79% gain in its share price to close the month at N46.85.
- International Energy Insurance Plc gained 58.67% In the review month to close at N1.19 from 75 kobo in the previous month, while N Nig Flour Mills gained 48.65% to close at N7.4 per share.
Others that made the top 10
- Geregu Power – 42.3%
- Living Trust Mortgage – 40.91%
- John Holt – 32.33%
- Oando – 24.68%
- Stanbic IBTC – 24.29%
