Nigerian Stock Market Surges as Investors Trade N374bn Worth of Shares in a Week of Strong Rally
The Nigerian capital market ended last week on a strong bullish note, with investors exchanging an impressive 7.77 billion shares valued at N374.04bn on the floor of the Nigerian Exchange Limited (NGX). The surge in trading activity reflects renewed confidence in equities, driven by aggressive buying across key sectors, especially banking and financial services.
Market performance also showed clear signs of strength, as the NGX All-Share Index climbed by 2.27% to close at 250,330.92 points. This upward movement pushed the total market capitalisation to N160.44tn, giving investors solid returns despite a slight drop in the number of executed deals compared to the previous week.
The financial services sector once again dominated trading activity, accounting for more than half of the total market volume and value. Heavyweights such as FirstHoldCo Plc, United Bank for Africa Plc, and Chams Holding Company Plc led trading momentum, together contributing over 2.19 billion shares and significantly shaping the week’s market direction. Overall sentiment remained positive, with 74 gainers compared to 24 losers, signalling strong investor optimism.
Among the standout performers, Berger Paints Plc stole the spotlight with a massive 55.57% gain, followed by SCOA Nigeria Plc and Daar Communications Plc, which also recorded sharp increases. However, not all stocks shared in the rally, as companies like Zichis Agro Allied Industries Plc and The Initiates Plc posted double-digit losses, showing that profit-taking was still active in parts of the market.
The week also saw major corporate and fixed-income activities that strengthened market depth. Fidelity Bank Plc expanded its share base significantly after listing an additional 12.97 billion shares, while Trans-Nationwide Express Plc also boosted its equity structure following a rights issue. Meanwhile, activity in exchange-traded products and bonds increased, supported by new listings including the Federal Government’s N47.355bn green bond, adding further momentum to Nigeria’s growing capital market ecosystem.
source: punch