Adedapo Adesanya
By Adedapo Adesanya
A new study has shown that oil and gas giant, Shell, is the stock in the United Kingdom that has most caught the attention of investors in Nigeria.
The study, by UK financial services provider CMC Markets, and shared with Business Post, analysed Google search data for over 250 top UK stocks in the most populated countries and found that Shell, Ashtead, and GlobalData were the top three searches in Nigeria.
The study revealed that there are over an estimated 4,700 monthly searches for UK stocks in Nigeria, with one in five Nigeria-based searches for UK stocks being for oil and gas companies, twice greater than the global average of one in 12.
Shell, which recently announced record profits of $40 billion, is the most popular stock in Nigeria, with 670 monthly searches. Searches for Shell make up over 1 in 50 average monthly global searches for UK stocks. The company announced record-breaking profits last week as fuel prices soar amid a cost of living crisis driven by several global and domestic factors.
Industrial equipment company Ashtead came in the second spot of the most Googled UK stock in Nigeria, receiving over 500 monthly searches.
Data analytics company GlobalData is Nigeria’s second most Googled UK stock. The majority of searches are to buy data stock.
BP, which recently announced record profits of $28 billion, is the fourth most popular UK stock in Nigeria, with over 350 monthly searches. The multinational oil and gas company is the most searched globally, including countries such as Azerbaijan, Cyprus, Iraq, Oman, Philippines, Qatar, Turkey, and Vietnam.
BP is also the most popular in the United Kingdom and the United States and has the highest monthly search volume out of any UK stock, over 994,000. Search volume is primarily driven by the United Kingdom and the United States traffic, making up nearly nine in ten (88 per cent) global searches for BP stock.
Anglo American, a mining company, is Nigeria’s fifth most searched UK stock. The country has an estimated 230 monthly searches for Anglo-American stock.
A spokesman from CMC Markets said of the research, “There are over 16.6 million estimated monthly searches for UK stocks worldwide, with just over one in four searches coming from outside the UK.
“These findings highlight Shell’s global reach and popularity as a publicly traded company. The high search volume for these stocks indicates strong consumer interest in oil and gas companies and their financial performance.
“It is also worth noting that the average monthly search volume for these stocks indicates consumer sentiment toward the stock. Investors should take note of the high search volume for the top five stocks in Nigeria, as this may indicate strong potential for growth in these companies.
“The study provides valuable insight into consumer sentiment toward UK stocks internationally. The findings of the study can help investors make more informed decisions when it comes to investing in UK stocks”.
CMC Markets, a UK-based financial services company, offers online trading in shares, spread betting, contracts for difference, and foreign exchange across world markets.
