NGX YTD Return Tops 57% as Investors Gain N1.38trn
The Nigerian stock market’s year-to-date (YTD) return topped 57% as equities investors gained N1.38 trillion last week amid bargain hunting.
The Nigerian Exchange (NGX) closed on a bullish note last week, supported by improved investor appetite across major counters, despite pockets of profit-taking that weighed on sentiment.
The All-Share Index (ASI) advanced by 0.88% week-on-week to settle at 244,738.74 points, while market capitalisation rose by approximately ₦1.38 trillion to close at ₦156.97 trillion.
Consequently, the market’s year-to-date return increased to 57.27%, reflecting sustained investor confidence in the domestic equities market, said Cowry Asset Management Limited.
Stockbrokers reported that market breadth remained strong, closing positive at 1.12x, with 48 advancing stocks against 43 decliners.
This underscores a more selective trading environment, where gains were concentrated across several counters amid the broader market uptrend.
Trading activity also strengthened. However, while trading volume and transaction value increased by 25.14% and 18.10% week-on-week, respectively, the number of deals declined by 31.33%.
In total, investors exchanged 4.96 billion shares valued at ₦207.60 billion across 236,276 deals, reflecting active portfolio repositioning and sustained market participation.
Sectoral performance was broadly mixed, highlighting divergent sentiment across key sectors.
The banking, insurance, and oil & gas indices posted gains of 0.98%, 1.63%, and 0.50% respectively. In contrast, the consumer goods, industrial goods, and commodities indices declined by 1.96%, 1.00%, and 0.36% respectively.
On the gainers’ chart, ABBEYBDS emerged as the top performer with a 45.3% weekly gain, followed by INTENEGINS (+19.7%), CONHALL (+18.7%), ABCTRANS (+14.5%), and FTNCOCOA (+13.9%).
The strong performance of these stocks was driven largely by renewed buying interest and positive sentiment in selected mid- and large-cap counters, Cowry Asset Limited said.
Conversely, FIDSON led the laggards with a 24.5% decline, followed by ACADEMY (-18.6%), UHOMREIT (-17.4%), NEIMETH (-15.1%), and LEARNAFRICA (-13.0%), reflecting heightened profit-taking and persistent selling pressure.
Overall, market performance pointed to a cautiously optimistic investment environment, stockbrokers said. While the broader market maintained an upward trajectory, increased trading activity suggests that investors remain actively engaged, selectively positioning in fundamentally attractive stocks while taking profits from recent gains.
Cowry Asset Limited anticipates that the Nigerian equities market will maintain a cautiously positive tone in the near term, supported by sustained investor interest in fundamentally strong stocks and ongoing portfolio repositioning.
However, the investment firm said intermittent profit-taking may trigger short-term volatility and reinforce a stock-selective trading environment.
Overall direction will likely be driven by macroeconomic developments, earnings results, and relative attractiveness versus fixed income, with gains expected to remain concentrated in high-quality equities.
