The Nigerian stock market is showing strong signs of resilience as it enters the new week, with analysts predicting the upward trend is likely to continue. Investor confidence has remained high following a solid start to the year, and buying interest across key sectors continues to support market growth.
Since trading resumed after the holiday season, the equities market has extended its gains, recovering from weeks of profit-taking. The NGX All-Share Index (ASI) rose 3.71% week-on-week to close at 162,298.08 points, while market capitalization surpassed the N100 trillion mark, ending the week at N103.776 trillion.
Market experts remain cautiously optimistic about the week ahead. Cowry Assets Management Limited noted that “the equities market is expected to remain cautiously positive, supported by improving investor sentiment and selective accumulation in fundamentally strong stocks.” Analysts stress that earnings releases, dividend expectations, and macroeconomic developments will largely shape trading activity.
Investors have been actively trading across major sectors, with the Financial Services Industry leading activity. A total of 4.164 billion shares worth N94.026 billion were traded last week, with top performers including Multiverse Mining and Exploration, McNichols, and May & Baker Nigeria, which saw gains ranging from 51% to nearly 60%. Meanwhile, Aluminium Extrusion Industries, Austin Laz & Company, and Sovereign Trust Insurance posted the largest losses.
Looking forward, market participants are expected to focus on stock-specific fundamentals and value-driven opportunities. Analysts from Imperial Asset Managers Limited and Afrinvest Limited agree that selective gains are likely as traders monitor outperformers and prioritize long-term growth potential, signaling that the bullish momentum in the Nigerian stock market is here to stay.
source: Leadership