The Nigerian Exchange (NGX) extended its bullish momentum last week, delivering a robust 25.3% year-to-date return following a remarkable N8.14 trillion increase in total market capitalisation.
Sustained buying pressure and improved investor sentiment propelled the domestic equity market higher, with pension fund inflows and institutional participation providing critical support to the rally.
By the close of trading, the NGX All-Share Index climbed 6.95% week-on-week to 194,989.77 points, reinforcing the strength of the current upward cycle. Total market capitalization mirrored the index’s performance, rising from N117.03 trillion in the previous week to N125.16 trillion.
According to Cowry Asset Limited, the significant N8.14 trillion expansion in market value reflects growing risk appetite and attractive equity valuations, even after recent price appreciation.
Market breadth remained solidly positive at 1.73x, with 71 gainers compared to 41 decliners, indicating broad-based participation across sectors.
Trading activity intensified substantially. The number of deals increased by 20.14% week-on-week, trading volume surged by 64.44%, and turnover rose by 30.14%. Investors exchanged 7.65 billion shares valued at N251.87 billion across 344,997 transactions, underscoring improved liquidity conditions and heightened engagement.
Sectoral performance aligned with overall market optimism.
The Industrial Goods index led the charge, advancing 10.10% week-on-week, buoyed by strong price appreciation in BETAGLAS and WAPCO. The Oil & Gas index followed with an 8.66% gain, driven by selective accumulation in JAPAULGOLD, ARADEL, and SEPLAT.
Consumer Goods recorded a 7.04% increase, supported by bargain hunting in NASCON, NESTLE, and MCNICHOLS. Banking advanced 5.68%, fueled by renewed buying in FIRSTHOLDCO and STANBIC, while Insurance climbed 4.73% on sustained interest in FGTINSURE, CUSTODIAN, MBENEFIT, and LASACO.
At the individual stock level, ZICHIS topped the gainers’ list with a 60.7% surge. It was closely followed by JAPAULGOLD (+60.2%), INFINITY (+59.1%), FTGINSURE (+53.8%), and JAIZBANK (+32.5%), reflecting aggressive positioning in select counters.
On the losing side, RTBRISCOE (-20.8%), MECURE (-19.0%), TRIPPLEG (-18.8%), SOVRENINS (-17.1%), and ELLAHLAKES (-14.7%) led the laggards, largely due to profit-taking after recent rallies.
Cowry Asset Limited projects that market sentiment may remain broadly positive in the near term, supported by elevated participation and sustained investor confidence. However, analysts caution that intermittent profit-taking could trigger mild corrections following the sharp weekly advance.
Despite the possibility of short-term pullbacks, the underlying tone of the market remains constructive. Analysts advise investors to focus on fundamentally sound equities as selectivity becomes increasingly important at higher valuation levels.
 extended its bullish momentum last week, delivering a robust 25.3% year-to-date return following a remarkable N8.14 trillion increase in total market capitalisation.){kind=link}