The oil and gas sector emerged as the top performer on the Nigerian Exchange Limited (NGX) last week, posting a remarkable 9.43% gain. Investors were particularly drawn to Aradel Holdings Plc and Oando, driving strong buying activity. Following closely, the industrial goods sector rose 3.89%, buoyed by renewed confidence in Premier Paints Plc, Lafarge Africa Plc, and Dangote Cement Plc.
The consumer goods sector recorded a 1.12% increase, supported by demand for PZ Cussons Nigeria Plc and Cadbury Nigeria Plc shares. Meanwhile, the banking sector edged up 0.24% as interest in Stanbic IBTC Holdings Plc, Zenith Bank Plc, and Guaranty Trust Holding Company Plc picked up. Conversely, the insurance sector declined 1.88% due to sustained selling in AXA Mansard Insurance Plc, Universal Insurance Plc, and Cornerstone Insurance Plc.
The NGX All-Share Index (ASI) closed the week at 196,968.15 points, representing a 2.15% rise. Total market capitalization increased to N126.43 trillion from N123.76 trillion the previous week, adding N2.67 trillion in value. Despite the gains, market breadth remained negative, with 44 gainers versus 58 decliners. Trading activity softened, with volume and turnover falling 32.52% and 9.51% week-on-week, respectively, although the number of deals inched up by 0.35%, totaling 371,317 deals.
FTG led the gainers with a 58.5% surge, followed by Premier Paints (32.7%), Eterna (28.7%), NGX Group (21.7%), and UACN (20.6%). On the flip side, MCNichols dropped 24.4%, with Mecure (18.9%), Multiverse (18.7%), Jaizbank (18.4%), and Omatek (15.4%) topping the losers’ chart amid profit-taking and selling pressure.
In the foreign exchange market, the naira traded at a discount in the parallel market, erasing previous premiums caused by inefficiencies in the official market. The local currency weakened against the U.S. dollar across both segments, falling 2.19% to N1,393.26/$ in the official market and 2.14% to N1,391/$ in the parallel market. Nigeria’s external reserves recorded a modest 0.75% rise to $49.88 billion, supported by improved foreign exchange inflows.
source: The guardian