Key points
- NGX investors gained N1.293 trillion during the week as the All-Share Index rose by 0.81 per cent.
- The market traded for four days following the Federal Government’s declaration of Tuesday, Aug. 25, as a public holiday for Eid el-Maulud.
- The Financial Services Industry dominated trading, accounting for 78.87 per cent of total equity turnover volume.
Main story
Trading on the Nigerian Exchange Ltd. (NGX) closed higher for the week, with investors’ wealth increasing by N1.293 trillion as the All-Share Index and Market Capitalisation rose by 0.81 per cent and 0.84 per cent respectively.
The All-Share Index closed the week at 241,298.47 points, up from 239,351.16 points recorded in the previous week, while market capitalisation increased to N155.826 trillion from N154.533 trillion.
The market operated for four trading days during the week after the Federal Government declared Tuesday, Aug. 25, a public holiday to mark Eid el-Maulud.
Dr Benneth Eze, Head of Research and Development, Chartered Institute of Stockbrokers (CIS), attributed the positive performance to renewed buying interest and bargain hunting, particularly toward the end of the week.
According to Eze, investors took advantage of lower prices to accumulate fundamentally strong stocks, especially in the banking, energy and other large-cap segments, while strong performances by large-cap stocks also supported the increase in market capitalisation.
“The strong performance of large-cap stocks also helped lift overall market capitalisation,” — Dr Benneth Eze, Head, Research and Development, CIS.
Eze also attributed the recovery to improved investor sentiment following FTSE Russell’s confirmation of Nigeria’s reclassification to Frontier Market status, effective September 2026.
He said the reclassification could strengthen confidence in Nigeria’s capital market reforms and improve the country’s visibility among international investors.
Despite the weekly gain, eight sectoral and other indices closed lower, with the NGX Main Board, NGX Insurance, NGX MERI Growth, NGX Consumer Goods, NGX Lotus II, NGX Industrial Goods, NGX Growth and NGX indices declining by 0.10 per cent, 0.63 per cent, 2.21 per cent, 0.67 per cent, 1.03 per cent, 0.22 per cent, 0.001 per cent and 1.56 per cent respectively.
Trading activity also declined during the week, as investors exchanged 2.507 billion shares worth N123.223 billion in 173,561 deals, compared with 6.242 billion shares valued at N157.764 billion in 186,496 deals recorded in the previous week.
The Financial Services Industry led market activity with 1.977 billion shares valued at N71.563 billion traded in 79,586 deals, accounting for 78.87 per cent of total equity turnover volume and 58.08 per cent of turnover value.
The Services Industry followed with 148.226 million shares worth N7.252 billion in 10,638 deals, while the ICT Industry recorded 117.982 million shares valued at N8.635 billion in 21,639 deals.
Trading in Fortis Global Insurance Plc, Jaiz Bank Plc and First Holdco Plc accounted for 793.104 million shares worth N26.898 billion in 14,758 deals, representing 31.64 per cent of total equity turnover volume and 21.83 per cent of turnover value.
Market breadth improved slightly, with 24 equities appreciating during the week compared with 18 in the previous week, while 55 equities declined, against 59 previously. A total of 68 equities remained unchanged, compared with 70 in the preceding week.
University Press, First HoldCo, Seplat Energy, Red Star Express and Transcorp Hotels recorded the highest price gains during the week, while International Energy Insurance, Fidson Healthcare, Caverton Offshore Support Group, Zichis Agro-Allied Industries and Austin Laz recorded the biggest losses.
The Exchange also recorded new listings during the week, including the July 2026 Federal Government Savings Bonds, which were listed on Thursday, Aug. 27.
In addition, 2.369 billion ordinary shares of Prestige Assurance Plc and 8.076 billion ordinary shares of International Energy Insurance Plc were admitted to the Daily Official List of the NGX on Monday, Aug. 24.
The issues
The weekly recovery came amid lower trading activity and a mixed performance across market indices. While buying interest in large-cap stocks and improved investor sentiment supported the broader market, several sectoral indices still recorded losses.
What’s being said
“The strong performance of large-cap stocks also helped lift overall market capitalisation,” — Dr Benneth Eze, Head, Research and Development, CIS.
“The recent reversal of the prolonged losing streak is encouraging, while strong year-to-date returns and improving sentiment provide some support for further gains,” — Dr Benneth Eze, Head, Research and Development, CIS.
“Overall, I expect a moderate uptrend rather than a broad-based rally, with stock selection remaining critical,” — Dr Benneth Eze, Head, Research and Development, CIS.
What’s next
Eze expects the market to maintain a cautiously positive bias in the new week, although he said investors could engage in some profit-taking as market volatility persists.
He said investors were likely to remain selective, favouring companies with strong earnings, attractive valuations, sound fundamentals and sustainable dividend prospects, while global interest-rate expectations, oil prices and foreign investor flows could also influence market sentiment.
Bottom line
The NGX closed the week higher, adding N1.293 trillion in market value as the All-Share Index rose 0.81 per cent, although lower trading activity and losses across several indices showed that the recovery remained uneven.
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