NGX Delivers 25.3% Return, Buoyed by N8.14trn Weekly Gain
Buoyed by N8.14 trillion weekly gain, the Nigerian Exchange (NGX) has delivered a 25.3% year-to-date return amid a successive rally, supported by an influx of pension money into the local bourse.
Stockbrokers reported that the Nigerian stock market closed positively last week, extending its upward momentum amid stronger investor confidence and heightened trading activity.
The All-Share Index advanced 6.95% week-on-week to 194,989.77 points, underscoring the rally’s strength as risk appetite remained elevated.
In its investor note, Cowry Asset Limited noted that several stocks hit new all-time highs as the broader market continued to trade at attractive valuations despite the sharp run-up.
At the close of trading on Friday, total market capitalisation expanded by the same margin, rising to N125.16 trillion from N117.03 trillion in the previous week.
This translates to an approximate N8.14 trillion increase in market value, Cowry Asset told investors in its market update.
Market breadth remained firmly positive at 1.73x, with 71 stocks recording gains against 41 decliners, signalling widespread buying momentum across counters.
Trading activity levels strengthened considerably, as the number of deals, trading volume, and turnover rose by 20.14%, 64.44%, and 30.14% week-on-week, respectively.
By the close of trading, investors had transacted 7.65 billion shares worth N251.87 billion across 344,997 deals, underscoring heightened participation and improved liquidity.
Performance across sectors aligned with the broader market optimism. The Industrial Goods index led the market rally, posting a strong 10.10% week-on-week gain, driven by notable price appreciation in BETAGLAS and WAPCO.
Oil & Gas followed closely, advancing 8.66% on the back of selective accumulation in JAPAULGOLD, ARADEL, and SEPLAT. The Consumer Goods sector also recorded an impressive 7.04% rise, supported by bargain-hunting in NASCON, NESTLE, and MCNICHOLS.
Banking climbed 5.68% amid renewed buying interest in FIRSTHOLDCO and STANBIC, while Insurance posted a solid 4.73% gain, buoyed by sustained demand for FGTINSURE, CUSTODIAN, MBENEFIT, and LASACO.
At the stock level, ZICHIS topped the gainers’ table with a 60.7% surge, trailed by JAPAULGOLD (+60.2%), INFINITY (+59.1%), FTGINSURE (+53.8%), and JAIZBANK (+32.5%), largely supported by strong buying interest.
On the downside, RTBRISCOE (-20.8%), MECURE (-19.0%), TRIPPLEG (-18.8%), SOVRENINS (-17.1%), and ELLAHLAKES (-14.7%) led the laggards, reflecting continued profit-booking and selling pressure in those stocks.
“In the coming week, market sentiment is expected to remain broadly positive, underpinned by strong investor confidence and heightened trading activity”, Cowry stated.
Stockbrokers said following such a sharp weekly advancement, intermittent profit-taking could trigger mild pullbacks. The firm said the underlying tone advises investors to position in fundamentally sound stocks. remains bullish, with investors likely to become more selective. Nigerian Treasury Bill Yield Dips to 18.18% Ahead of Auction
