Investors on the Nigerian Exchange (NGX) saw their portfolios grow by an impressive N1.43 trillion as the stock market surged during the week, despite closing negatively in the last two trading sessions due to price corrections. The NGX All Share Index soared past the critical 121,000 mark for the first time in history, driven by broad-based buying across multiple sectors.
Market performance was largely upbeat, with significant bullish sentiment sweeping through banking, consumer goods, agricultural, and commodities stocks. This lifted the index by 1.57% week-on-week to close at 119,995.76 points, following an all-time intraday peak of 121,257.69.
Market capitalisation also spiked to N75.96 trillion, buoyed by the listing of 2.94 billion additional ordinary shares by Stanbic IBTC Holdings Plc, raising the firm’s total issued shares. As a result, the year-to-date return for the NGX climbed to 16.58%, reflecting increased investor confidence and strong positive sentiment.
A robust market breadth of 3.27x was recorded, with 72 gainers against 22 decliners. Weekly traded volume rose by 13.83% to 3.87 billion shares, while trade value dipped slightly by 6.55% to N101.59 billion across 113,953 deals, highlighting sustained investor participation with moderated capital deployment.
Sectoral performance was broadly bullish, excluding the Oil and Gas index which declined by 2.23% due to losses in OANDO and ARADEL. In contrast, Industrial Goods stocks led the charge with a 3.92% gain, followed by Consumer Goods (3.73%), Insurance (3.67%), and Banking (2.59%). The Commodities index inched up 1.46%.
Top weekly gainers included NEIMETH (+60.5%), ELLAH LAKES (+31.3%), INTERNATIONAL BREWERIES (+26.4%), CWG (+25%), and CHAMPION BREWERIES (+22%). Meanwhile, losses were recorded by MULTIVERSE and ABCTRANS (both -9.3%), OANDO (-7.4%), BUAFOODS (-6.5%), and DAAR Communications (-6.2%).
Looking ahead, analysts at Cowry Asset Limited project cautious trading as the market enters overbought territory. They predict mild profit-taking in large-cap stocks, which may provide a healthy correction and new entry points. With quarter-end approaching, investors are expected to engage in bargain hunting and portfolio repositioning in anticipation of second-quarter earnings and signals from the Central Bank of Nigeria’s July meeting.
Cowry Asset urged investors to maintain positions in fundamentally strong equities capable of delivering long-term value amid Nigeria’s shifting macroeconomic landscape.
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