The Nigerian Exchange (NGX) ended the week on a bullish note, with market capitalisation surging by N294.96 billion on Friday despite inflationary pressures. Investors’ confidence was evident as key indices rebounded, driven by renewed buying interest across major sectors, particularly insurance.
The All-Share Index (ASI) climbed by 489.21 basis points to close at 97,722.28, marking a 0.5% increase. This recovery comes in the wake of October’s inflation rate hitting 33.88%, demonstrating the resilience of the equities market.
Trading volume rose by 1.26%, with 295.19 million shares valued at ₦6.77 billion exchanged in 8,433 deals. However, the total value of transactions dipped by 13.42%. ACCESSCORP led in trade volume, accounting for 11.35% of total transactions, while ZENITHBANK topped the value chart with 19.38%.
Sectoral performance was notably positive, led by the Insurance Index, which rose by 2.16%, buoyed by gains in CONHALLPLC (+9.94%). The Industrial Goods, Oil & Gas, Banking, and Consumer Goods sectors also recorded gains, with BUACEMENT (+3.80%) and FLOURMILL (+10.00%) contributing significantly.
The advancers’ chart saw FLOURMILL and EUNISELL leading with a 10% price appreciation each, followed by JOHNHOLT (+9.97%) and TANTALIZER (+8.70%). Conversely, DEAPCAP topped the decliners, losing 9.17%, alongside IKEJAHOTEL (-8.54%) and UNIVINSURE (-5.88%).
With 31 gainers against 19 losers, the market breadth closed positive, reflecting sustained investor optimism. As the NGX market capitalisation reached N59.22 trillion, analysts highlighted that the market’s robust performance amid inflation underscores investor confidence in Nigeria’s equities market potential.
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