Investors on the Nigerian Exchange (NGX) witnessed a notable boost in wealth, as market capitalisation surged by N1.69 trillion on a week-on-week basis, according to stockbroker reports.
The bullish trend persisted on the domestic bourse throughout the week, buoyed by positive investor sentiment driven largely by robust first-quarter 2025 earnings. The All-Share Index (ASI) climbed by 0.27% week-on-week to close at 106,042.57 points, supported by sustained buy pressure across four of the five trading sessions.
Market analysts noted that investor interest was particularly pronounced in the consumer goods segment. In tandem with the ASI movement, total market capitalisation rose by 0.28% to N66.65 trillion, a reflection of growing confidence in the equities space.
Market breadth improved significantly over the week, with 52 stocks appreciating compared to 36 that declined, resulting in a breadth ratio of 1.44 times.
This strengthened breadth, alongside sustained interest in selected large and mid-cap equities, contributed to a year-to-date return of 3.03%, reinforcing the bullish sentiment pervading the market.
Trading metrics indicated heightened activity, as the total number of transactions executed jumped by 36.86% week-on-week to 70,329 deals, pointing to stronger participation from institutional and retail investors alike.
In terms of volume, 2.19 billion shares exchanged hands during the week, reflecting an 18.63% increase. Likewise, the value of trades executed climbed 34.60% to N75.41 billion, indicating increased appetite for higher-value equities.
A closer analysis of sectoral performance revealed a mixed landscape, Cowry Asset Limited stated in its weekly market commentary. Out of the six major sectors tracked, four closed in the red, while only two sectors recorded gains.
The oil and gas index led the laggards, shedding 2.90%, largely due to price declines in key stocks like ARADEL. The insurance sector followed with a 2.89% dip, attributed to downward movement in equities such as LINKASSURE, GUINEAINS, and SUNUASSURE.
The commodities segment retreated by 1.12%, while the banking index dropped 0.38% on the back of losses in ACCESSCORP and ETI. On the upside, the consumer goods sector stood out, advancing 2.89% during the week.
Stock analysts attributed the sector’s performance to strong gains in equities like FIDSON, CADBURY, and MAYBAKER, as investors positioned for companies with attractive earnings potential.
Meanwhile, the industrial goods sector managed a modest 0.40% gain, buoyed by positive price action in stocks such as CAVERTON, UPDC, and BETAGLASS.
In its report, Cowry Asset Limited highlighted standout performers among individual equities, with LEGEND INTERNET leading the pack with a 45.6% return. ABCTRANS followed closely with a 44.9% gain, while FIDSON appreciated by 22.8%. UPL and NAHCO posted weekly returns of 20.9% and 20.2% respectively, reflecting increased investor interest and optimism.
Conversely, the week’s worst performers included ETI, which declined by 18.8%, followed by MULTIVERSE (-18.6%), LIVESTOCK (-10.6%), ARADEL (-9.9%), and TRIPPLE GEE (-9.6%).
Looking ahead, Cowry Asset Limited anticipates that market sentiment will remain positive, underpinned by the ongoing earnings and dividend declarations. Market participants are expected to pay close attention to key macroeconomic releases, including the April 2025 Consumer Price Index (CPI) from the National Bureau of Statistics (NBS), first-quarter GDP data, and the outcome of the forthcoming Monetary Policy Committee (MPC) meeting later in May.
In light of these developments, Cowry Research advised investors to prioritise fundamentally resilient stocks and conduct thorough analysis when rebalancing portfolios, to effectively navigate volatility and optimise returns.
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