The Nigerian equity market recorded a significant gain of N607 billion in market capitalization last week, primarily driven by strong investor interest in major stocks like Access Corporation and MTN Nigeria.
This growth reflects the resilience of the market and the influence of large-cap stocks on overall performance.
The All-Share Index increased by 1.06%, while market capitalization reached N56 trillion, with most indices showing positive growth except the Growth Index, which fell slightly.
Key sectors, including consumer goods, insurance, industrials, and banking, saw gains, with the banking sector leading at 5.12%. MTN Nigeria contributed significantly with a 7.37% stock rise, while Access Corporation saw a 2.39% increase.
Trading volumes surged, especially in the financial services sector, which accounted for the majority of equity turnover volume and value.
In total, 52 equities gained, 31 declined, and 68 remained unchanged. The listing of Federal Government savings bonds on the Nigerian Exchange marked a notable development, opening new investment opportunities for Nigerians.