The Nigerian Exchange Limited (NGX) closed the week on a high note, with the market surging by N2.44 trillion, thanks to strong performances in the ICT and banking sectors. The All-Share Index rose 2.45 per cent to 147,040.08 points, while total market capitalization climbed 2.67 per cent to N93.722 trillion, signaling renewed investor confidence ahead of the year-end.
Trading activity picked up significantly, with 6.617 billion shares worth N113.224 billion exchanged in 109,590 deals, up from 4.140 billion shares valued at N115.889 billion the previous week. The ICT sector led the charge, accounting for 52.89 per cent of total equity turnover volume, followed by financial services and the broader services industry. Major contributors included E-Tranzact International, Cornerstone Insurance, and Access Holdings, which together represented over 73 per cent of total turnover volume.
Market breadth was positive, reflecting gains across a majority of equities. Fifty-five stocks appreciated in price, while 29 declined and 63 remained unchanged. Sector indices largely posted gains, with industrial goods leading at 7.38 per cent and the premium index rising 5.50 per cent. Conversely, the Oil & Gas and Commodity indices recorded marginal declines, dipping 0.57 per cent and 0.30 per cent respectively.
On the exchange-traded products (ETP) and fixed income fronts, activity also increased. Investors traded over 411,000 ETP units worth N105.657 million, while bond trading rose to 410,186 units valued at N443.071 million. Key ETPs such as VETINDETF, VETGRIF30, and StanbicETF30 drove liquidity, highlighting growing interest in diversified investment products.
Corporate actions further shaped market sentiment. Ecobank Transnational and Industrial and Medical Gases Plc listed additional shares, while the Federal Government’s November savings bonds were admitted for trading. Analysts say the weekly surge reflects year-end portfolio rebalancing, bargain-hunting, and investor optimism, although intermittent profit-taking may temper gains. Afrinvest forecasts continued market positivity into December, driven by key sector rebounds.
source: Punch