Nigeria’s equities market ended last week on a strong note, with investors gaining N1.54 trillion as the benchmark index advanced by 1.63 per cent, underscoring renewed confidence despite lower trading activity. The rally was driven largely by selective buying in financial services, ICT, and oil and gas stocks, according to market analysts monitoring the week’s performance on the Nigerian Exchange Limited.
Data from the exchange showed that a total of 4.37 billion shares valued at N97.78 billion were traded in 110,736 deals, down from the previous week’s 6.62 billion shares worth N113.22 billion. Even with the decline in turnover, the All-Share Index rose to 149,433.26 points, while total market capitalisation climbed to N95.26 trillion, reflecting sustained investor appetite for equities.
The Financial Services sector dominated market activity, accounting for more than half of total traded volume, as investors exchanged 2.25 billion shares valued at N47.20 billion. The ICT sector followed with 1.12 billion shares worth N13.15 billion, while Oil and Gas stocks recorded trades of 233.89 million shares valued at N4.73 billion, highlighting continued interest across key segments of the market.
Trading was heavily concentrated in a few stocks, with E-Tranzact International Plc, Access Holdings Plc, and FCMB Group Plc accounting for nearly 44 per cent of total volume and about 23 per cent of market value for the week. Market breadth, however, was mixed, as 49 stocks gained, 41 declined, and 57 closed unchanged, while several indices, including banking and oil and gas, ended the week in negative territory.
In the corporate space, Chapel Hill Denham Management Limited boosted activity in the fixed-income segment with the listing of an additional 140.1 million units of its Series 11 Nigeria Infrastructure Debt Fund, lifting total outstanding units to 1.19 billion. Analysts said that while weekly turnover softened, the overall gains signal growing resilience in the equities market, driven by strong sector participation and expanding investment options.
source: punch