The Nigerian equities market concluded the week on a high note, with a significant appreciation of N1.498 trillion. This growth was driven by renewed demand for selected stocks, leading to an increase in market capitalization of listed equities by 0.92 percent to N163.655 trillion. The benchmark NGX All-Share Index advanced by 2,308.91 basis points or 0.92 percent week-on-week to close at 252,113.41 points.
The market breadth remained positive, with 61 gainers against 32 decliners, bringing the year-to-date return to 62.01 percent. This indicates a strong performance of the equities market so far. The mixed trading activity across major market indicators was observed, with a decline in the number of deals by 7.19 percent week-on-week. However, trading volume and transaction value increased by 44.32 percent and 1.19 percent week-on-week, respectively.
A total of 4.689 billion shares were exchanged, valued at N240.824 billion, across 261,198 deals. This is a significant increase compared to 3.249 million shares worth N237.986 billion in 287.919 deals the previous week. The Financial Services Industry led the activity chart in volume terms, with 3.537 billion shares valued at N116.666 billion traded in 115,985 deals. This contributed 75.43 percent and 48.44 percent to the total equity turnover volume and value, respectively.
The ICT Industry followed with 279.827 million shares worth N15.773 billion in 29,520 deals. The Conglomerates Industry took third place, with a turnover of 154.165 million shares worth N6.621 billion in 4,540 deals. Trading in the top three equities, namely Fidelity Bank Plc, Fortis Global Insurance Plc, and Zenith Bank Plc, accounted for 2.020 billion shares worth N54.057 billion in 21,385 deals. This contributed 43.08 percent and 22.45 percent to the total equity turnover volume and value, respectively.
Sectoral performance remained positive during the week, reflecting continued broad-based appetite for equities, particularly across Oil & Gas and Banking stocks. The Oil & Gas sector gained 3.49 percent, supported by strong performances in Eterna and Seplat, which offset the decline in Total. The Banking sector followed closely, rising 3.06 percent, driven by gains in Fidelity bank, AccessBank GTCO Plc, and Zenith Bank.
The appreciation in shares across major banking stocks suggests sustained investor interest in financial stocks following the recent shift in the monetary-policy environment. The commodity index also gained 1.89 percent week-on-week on positive price movement. However, relative weakness in Insurance suggests that investor participation remains selective, with capital continuing to rotate towards sectors and counters offering stronger near-term catalysts.
Overall, the Nigerian equities market demonstrated a positive trend, driven by renewed investor interest in selected stocks. The market's performance is expected to continue being influenced by various factors, including the monetary policy environment and sectoral trends. Investors are likely to maintain a selective approach, focusing on sectors and stocks that offer strong growth potential.
Key points
- The Nigerian equities market appreciated by N1.498 trillion week-on-week.
- The market capitalization of listed equities increased by 0.92 percent to N163.655 trillion.
- The Oil & Gas and Banking sectors were among the top performers, gaining 3.49 percent and 3.06 percent, respectively.
