The Nigerian equities market experienced a positive turnaround, with the All-Share Index (ASI) rising by 0.87% week-on-week.
Investors gained about N481 billion, pushing the ASI to 98,592.12 points and the market capitalization to N55.978 trillion.
Trading activity saw a slight dip in volume and value compared to the previous week, with 2.679 billion shares traded worth N49.017 billion.
The financial services sector led the market in activity, accounting for most of the equity turnover.
The NGX Banking Index showed strong growth, increasing by 5.14% due to ongoing recapitalization efforts by major banks like GTCO, Fidelity, and Access Bank.
The oil and gas and ICT industries also showed significant trading activity.
Sectoral performance was mostly positive, with notable gains in the banking and consumer goods indices.
Overall, the market’s breadth was positive, with more equities appreciating in price than in the previous week.
Notable gainers included Oando Plc and R.T. Briscoe Plc, while Champion Breweries Plc and BUA Cement Plc led the decliners.
Analysts expect the market’s upward trend to continue, supported by improving fundamentals and positive sentiment from the ongoing dividend season.