Nigerian Stock Market Gains N1.36 Trillion as Equities Rally Continues on Banking and Consumer Stocks

The Nigerian equities market extended its bullish run last week, delivering a strong performance that lifted investors’ wealth by N1.36 trillion. The rally was largely driven by sustained bargain hunting in major blue-chip stocks, even as overall market sentiment showed mixed performance across listed companies.

Data from the Nigerian Exchange showed that the All-Share Index (ASI) rose by 1.03% week-on-week to close at 203,770.42 points, while market capitalisation increased by 1.05% to N131.17 trillion. This performance pushed the year-to-date return to 30.95%, reinforcing the market’s steady upward trajectory.

Despite the impressive headline gains, market breadth remained weak at 0.46x, with 25 gainers compared to 54 losers. However, trading activity improved significantly, with volume, deals, and value rising sharply as investors exchanged 3.36 billion shares worth N152.13 billion in over 230,000 transactions.

Sector performance was broadly positive, led by the banking index, which gained 5.1% on strong demand for tier-one banks such as GTCO, Zenith Bank, and First Bank. Consumer goods also advanced by 3.73%, while oil and gas and industrial goods recorded gains of 2.67% and 0.8% respectively, reflecting selective investor confidence across key sectors.

Market analysts noted that future performance will depend on macroeconomic signals such as interest rate direction, inflation trends, corporate earnings, and global oil market movements. Investors were advised to remain cautious and selective, focusing on fundamentally strong stocks with consistent earnings and clear growth potential.

source: The Guardian