Nigerian Stock Market Rally: Investors Gain ₦4.08 Trillion in One Week as Share Prices Surge
Investors on the Nigerian Exchange (NGX) recorded a significant windfall last week, pocketing about ₦4.08 trillion as rising share prices pushed the market to fresh highs. The All-Share Index (ASI) advanced by 3.84 per cent to close at 171,727.49 points, reflecting sustained optimism and renewed confidence among market participants.
As a result, total market capitalisation climbed to ₦110.23 trillion, up from ₦106.15 trillion in the previous week, while the year-to-date return improved to 10.93 per cent. Trading activity also strengthened, with 3.86 billion shares valued at ₦128.58 billion exchanged in 240,463 deals, representing sharp increases in both volume and value compared to the prior week’s performance.
Analysts at Cowry Asset Management Limited attributed the rally to growing investor interest in fundamentally sound stocks and improving market breadth. They noted that elevated trading activity and broad-based sectoral gains point to positive sentiment, especially in sectors benefiting from earnings releases and attractive valuations.
Sector performance largely reflected the upbeat mood, with the NGX Oil and Gas Index leading the gainers after rising 10.88 per cent, followed by the Commodities Index and Industrial Goods Index, which gained 6.30 per cent and 4.36 per cent, respectively. Banking stocks also attracted renewed demand, pushing the Banking Index up by 3.57 per cent, while the Insurance Index was the lone decliner, shedding 2.33 per cent.
On the equities front, stocks such as RT Briscoe Plc, Zichis Agro Allied Industries Plc, and Abbey Mortgage Bank Plc topped the gainers’ chart, posting gains of over 59 per cent each. Meanwhile, trading activity was dominated by the Financial Services sector, which accounted for more than half of total market volume. Analysts believe the rally could persist in the near term, supported by improved liquidity conditions and portfolio repositioning ahead of corporate earnings announcements.
source: The Sun