The Nigerian stock market delivered another impressive performance last week as trading activity on the Nigerian Exchange Limited (NGX) jumped by more than 54 percent, reflecting renewed investor confidence and strong demand for banking and consumer goods stocks. Investors traded a total of 4.43 billion shares valued at N306.14 billion across 255,589 deals, marking a significant increase from the previous week’s turnover of 2.82 billion shares worth N182.50 billion. The bullish momentum also pushed the market’s total capitalisation higher by N2.53 trillion, closing the week at N159.58 trillion.
The rally was largely driven by sustained buying interest in financial institutions and consumer-focused companies, helping the NGX All-Share Index (ASI) climb by 3,899.69 basis points, or 1.6 percent, to settle at 247,357.40 points. The strong performance signals growing optimism among investors despite the broader economic challenges, with many taking advantage of attractive opportunities in blue-chip and high-performing stocks.
As expected, the financial services sector remained the heartbeat of the market, accounting for over 77 percent of the total trading volume. Investors exchanged 3.42 billion shares worth N207.21 billion within the sector alone, making it the most active segment on the exchange. The consumer goods sector followed with nearly 202 million shares traded, while the information and communication technology (ICT) sector secured third place with transactions valued at over N21 billion. Banking giants First HoldCo Plc, Access Holdings Plc, and Guaranty Trust Holding Company (GTCO) Plc dominated trading activity, jointly contributing almost half of the week’s total trading volume and more than 55 percent of the market’s transaction value.
On the winners’ chart, UPDC Real Estate Investment Trust emerged as the week’s best-performing stock after its share price surged by 33.33 percent to close at N14.20. First HoldCo Plc continued its remarkable rally, gaining 25.59 percent to finish at N120.50, while Unilever Nigeria Plc, Cadbury Nigeria Plc, and AXA Mansard Insurance Plc also posted strong double-digit gains. Their impressive performances highlighted investors’ growing appetite for fundamentally strong companies with positive earnings prospects.
However, not every stock enjoyed the bullish sentiment. Mecure Industries Plc recorded the steepest decline of the week after losing nearly 27 percent of its value. Other notable losers included Royal Exchange Plc, Tripple Gee and Company Plc, Sunu Assurances Nigeria Plc, and BUA Foods Plc, all of which ended the week in negative territory. Despite these declines, the overall market maintained a positive outlook, with the sharp rise in turnover and market capitalisation reinforcing expectations that investor confidence in Nigerian equities remains strong heading into the new trading week.
source: The cable
