Investors on the Nigerian Exchange (NGX) earned N835 billion in five days amid robust buying activity. Driven by strong interest in banking, oil, and gas sectors, the equities market sustained a third straight week of gains.
Key sectors, excluding the consumer goods index, contributed to the market’s upward momentum. According to Cowry Asset Limited, favorable investor sentiment and high liquidity inflows pushed total gains to N835 billion.
Stockbrokers attribute this positive performance to increased investor confidence and active buying, reflecting an optimistic view of Nigeria’s economic fundamentals and key market metrics.
Over the trading week, strategic investments lifted the Nigerian Exchange (NGX) All-Share Index by 1.41%, reaching 99,448.91 points, as per Cowry Asset Limited’s report. The steady inflow of liquidity bolstered financial and oil & gas stocks.
This capital boost not only raised market capitalization to N60.26 trillion but also pushed the index’s year-to-date return to 33.0%, Cowry Asset highlighted in its note. Out of the traded stocks, 57 advanced while 19 declined, a trend supported by strategic rebalancing across small, mid, and large-cap stocks, stockbrokers observed.
Trade value on the NGX rose by 16.3% to N85.95 billion, and total trading volume surged by 48.03% to 2.14 billion shares across 41,217 deals—a 4.23% increase from the prior week.
Sectoral performance was largely positive, with gains across major indices except for the NGX Consumer Goods Index, which fell 0.84%. Declines in stocks like DANGSUGAR, FTNCOCOA, NNFM, and INTERNATIONAL BREWERIES led to this dip.
The banking index saw the highest gain, up 7.86% week-on-week, driven by strong sentiment for key banks. UBA, FBNH, ACCESSCORP, and STANBIC posted notable price increases, boosted by promising nine-month earnings that fueled investor optimism for year-end performance.
Additionally, the Insurance Index climbed 4.04% on gains from WAPIC INSURANCE, LASACO, and GUINEA INSURANCE, while the Oil & Gas Index rose 3.95%, supported by SEPLAT’s acquisition approval for Mobil Producing Nigeria Unlimited (MPNU) by the Ministry of Petroleum.
The Industrial Index made a modest 0.1% gain, driven by UPDC and LAFARGE.
Top weekly gainers included EUNISELL (+21%), UBA (+19%), UNILEVER (+18%), ABBEYBDS (+17%), and CORONATION (+16%), demonstrating strong appeal to equity investors. Meanwhile, DANGSUGAR (-10%), SCOA (-10%), JOHNHOLT (-10%), NSLTECH (-10%), and REGALINS (-8%) topped the list of decliners.
Cowry Research notes that recent quarterly earnings reports have strengthened market sentiment, particularly in banking, industrial goods, and consumer goods, pushing the benchmark index toward the 100,000-point mark.
“We expect the current rally to continue, though profit-taking could lead to brief dips. Moving forward, upcoming macroeconomic data and corporate earnings reports should influence short-term trading dynamics,” stated Cowry Asset Limited.
