The Nigerian equity market soared by N704bn over six days, pushing the market capitalization above N60tn. At Monday’s close, the market added N330bn, with 740.89 million shares worth N16.88bn traded in 10,430 deals. Trading volumes surged 39 percent, turnover rose 127 percent, and deals increased 23 percent compared to the previous Friday. Sterling Bank, Wema Bank, and E-Tranzact International led the activity, while LivingTrust Mortgage Bank and Royal Exchange were among the top gainers, each posting 10 percent growth.
The market’s prior week performance also showed strength, gaining N374bn as the All-Share Index rose by 1.19 per cent to 99,378.06. The Financial Services sector dominated trades, contributing 62.48 per cent of total volume. Meanwhile, indices for Oil and Gas, Insurance, and Consumer Goods rose, driven by strong buying interest in stocks like Conoil and PZ Cussons. Treasury bill yields dipped slightly in the secondary market, while Eurobond yields climbed to 9.36 per cent, reflecting concerns over rising US inflation.
As the NGX approaches the significant 100,000-point mark, analysts forecast cautious trading with potential minor corrections. Afrinvest predicts tempered market activity, highlighting that investor sentiment could shift as the psychological threshold nears.