Nigerian equities recorded a strong rebound last week, gaining N3.84 trillion in market value as renewed buying interest lifted share prices across the Nigerian Exchange (NGX). The NGX All-Share Index (ASI) climbed 3.71 per cent, closing at 162,298.08 points, while total market capitalisation expanded to N103.78 trillion, up from N99.94 trillion the previous week. This performance pushed the market’s year-to-date return to 4.43 per cent, signaling a recovery in investor confidence after several weeks of cautious trading.
Market breadth highlighted a broad-based rally, with 84 equities advancing compared to 22 losers and 42 unchanged stocks. Sectors such as Insurance, Industrial Goods, and Oil & Gas led the gains, rising 6.82 per cent, 4.74 per cent, and 4.70 per cent, respectively. Banking and Consumer Goods sectors also posted solid growth, demonstrating that the market’s momentum was not limited to a handful of large-cap stocks but spread across multiple segments.
Individual stocks saw notable gains, particularly among small- and mid-cap equities. Multiverse Mining and Exploration Plc surged 59.73 per cent, while McNichols Plc and May & Baker Nigeria Plc climbed 53.20 per cent and 51.58 per cent, respectively. Other standout performers included Deap Capital Management & Trust Plc (43.54%), Neimeth International Pharmaceuticals Plc (43.22%), and Eunisell Interlinked Plc (34.76%), reflecting strong investor appetite for high-potential stocks.
Despite the rally, trading activity showed mixed signals. While the number of deals increased by 64 per cent, total traded volume and value declined, suggesting that investors were more selective in their buying. A total of 4.13 billion shares worth N93.24 billion changed hands across 162,298 deals, indicating that the price gains were driven primarily by re-rating rather than heavy trading volumes. The Financial Services sector remained the most active, contributing over 60 per cent of traded volume, with Services and ICT equities following at lower levels.
Major equity indices reflected the broad market upswing, with the NGX Premium Index rising 5.38 per cent, the NGX Insurance Index climbing 6.82 per cent, and the NGX Industrial Goods Index gaining 4.74 per cent. Analysts note that while the market closed strongly, investors remain cautious, focusing on stocks with near-term value or recovery potential. According to Cowry’s weekly review, equities performance in the coming week is expected to balance selective accumulation with intermittent profit-taking as market participants evaluate corporate earnings and broader economic trends.
source: The Sun