The Nigerian equities market rallied by 4.82% in February 2023, defying election uncertainties. According to data from the Nigerian Exchange (NGX), the All-Share index increased from 53,238.67 points as of January 2023 to 55,806.26 points by the end of February.
The positive sentiment in the local equities market despite the uncertainties surrounding the national presidential election was largely attributed to investors, who were taking positions in expectation of dividend payment and impressive financial results for the year.
Note that companies are beginning to release their audited financials for the year 2022, some of whom have declared dividend payments to their shareholders. For example, the likes of MTN, Dangote Cement, BUA Cement, and Nestle Nigeria amongst others have already declared final dividends for 2022.
Click here to see the list of dividends announced so far in 2023.
How sub-indices performed
An in-depth analysis of the numbers from the equities market showed that the NGX 30 index rallied by 4.43%, the premium index gained 7.04% in the review month, and the banking index gained 3.99%.
Additionally, the oil and gas index gained 15.97% in the month under review to stand at 565.38 index points as of the end of February 2023, while the industrial goods index recorded a gain of 2.57%.
Investors constantly monitor the performance of listed stocks in a bid to identify worth buying or selling stocks at every point in time. Hence, Nairametrics presents the list of 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%