Last week, the Nigerian equity market added N77 billion in value, edging closer to a total market capitalization of N60 trillion at N59.29 trillion. The All-Share Index grew marginally by 0.11% to close at 97,829.02 points, reflecting continued investor confidence. Trading activity saw a turnover of 1.95 billion shares worth N35.86 billion across 48,553 deals, an increase in volume compared to the prior week. The Financial Services Industry dominated the market, accounting for over half of the total equity turnover.
Sector performance was largely positive, with four indices recording gains. The Insurance and Consumer Goods indices led, rising 4.5% and 1.9% respectively, driven by stocks like Unilever (+20.8%) and Dangote Sugar (+16.7%). Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc were the top traded stocks, accounting for 23.64% of the total turnover. However, the Banking index fell by 2.6% due to sell-offs in Access Holdings (-7.5%) and Sterling (-5.6%).
Afrinvest predicts a reversal of this positive momentum as profit-taking and the expected hawkish stance of the Monetary Policy Committee may dampen investor sentiment. Despite this, the week saw 52 stocks appreciating, including Eunisell Interlinked Plc (+60.72%), while only 33 stocks declined. Analysts expect a more cautious approach from investors in the coming week.
