The Nigerian equity market experienced significant growth last week, with the All-Share Index climbing by 1.38% to close at 105,933.03 points. This rally translated into an impressive gain of N884 billion, pushing the market capitalization up by 1.37% to N65.592 trillion. The market’s positive performance was evident in the trading volume and value, indicating investor confidence.
Several sectors contributed to the market’s bullish performance, particularly the banking, oil and gas, and industrial goods sectors. The Banking Index rose by 4.66%, and the Oil and Gas Index also posted a gain of 0.56%. The Industrial Goods Index increased by 0.85%, while the Agriculture Index recorded the highest growth of 4.92%. The Consumer Goods Index, however, saw a minor decline of 0.60%, marking the only sector in the red.
The financial services sector dominated the trading activity last week, with 2.26 billion shares valued at N52.19 billion being traded. This represented 74.08% of the total equity turnover volume and 53.07% of its value. Access Holdings, FBN Holdings, and Zenith Bank led the market with a combined total of 1.176 billion shares worth N38.469 billion, accounting for a significant share of the total turnover.
Overall, 58 stocks saw gains, with notable performers including UPDC Plc, which surged by 38.50%, and Eterna Plc, which rose by 32.79%. However, some stocks experienced losses, led by Sunu Assurances Nigeria Plc, which dropped 12.87%. Other notable decliners included University Press Plc and Multiverse Mining, which saw declines of 10% and 9.95%, respectively.
In addition to the strong equity market performance, the Federal Government of Nigeria’s January 2025 Savings Bonds were listed on the Nigerian Exchange (NGX) on February 7. This move is expected to offer more investment opportunities and contribute to the continued development of the Nigerian capital market. The listing adds to the positive momentum seen across various sectors.
Source: PUNCH