Nigeria’s equities market ended the week on a strong bullish note as investors collectively gained about N1.4 trillion, pushing market capitalisation above N156 trillion. The rally was driven by renewed buying interest in key sectors including banking, insurance, and oil and gas stocks, signaling growing confidence in the market’s short-term outlook.
Data from the Nigerian Exchange (NGX) showed that total market capitalisation rose from N155.59 trillion to N156.97 trillion, reflecting an increase of about N1.38 trillion. The benchmark NGX All-Share Index (ASI) also climbed by 0.88% week-on-week, closing at 244,738.74 points, while year-to-date returns surged to 57.27%, underscoring sustained investor optimism despite intermittent profit-taking.
Market activity remained active and broadly positive, with 48 gainers outperforming 43 losers, giving a positive market breadth of 1.12x. Trading data revealed that investors exchanged 4.96 billion shares worth N207.6 billion across 236,276 deals, showing increased participation from both retail and institutional investors. Interestingly, while trading volume and value rose, the number of deals declined, suggesting larger transaction sizes dominated the market.
Sector performance was mixed but generally positive. The insurance index led gains with 1.63% growth, followed by banking stocks at 0.98% and oil and gas at 0.5%. However, some sectors faced pressure, with consumer goods falling 1.96%, industrial goods down 1%, and commodities slipping 0.36%, as investors booked profits in previously strong positions.
Among standout performers, Abbey Mortgage Bank surged 45.3%, topping the gainers’ chart, followed by International Energy Insurance and Consolidated Hallmark Holdings. On the flip side, Fidson Healthcare dropped 24.5%, leading the losers’ chart as profit-taking intensified across select equities. Analysts say the overall rally reflects renewed investor appetite for undervalued mid-cap and large-cap stocks amid improving sentiment in the Nigerian market.
source: The Guardian
