The Nigerian Exchange (NGX) closed last week with a remarkable surge in market value, adding a massive ₦2.84 trillion in four out of five trading sessions, bringing the year-to-date gain to 41.61%. This bullish momentum pushed the All-Share Index (ASI) to an unprecedented level, reflecting strong investor confidence across major sectors.
Analysts attribute the rally to heightened interest in insurance, industrial, and consumer goods stocks, particularly after the official signing of the Nigerian Insurance Act into law. According to market intelligence from Cowry Asset Management, the new legislation has spurred optimism over industry reforms and recapitalisation prospects, prompting strategic portfolio rebalancing by both institutional and retail investors.
The NGX’s All-Share Index rose 3.18% week-on-week, closing at 145,754.91 points, having reached a record high of 146,570.71 points during intraday trading. Market capitalisation jumped from ₦89.37 trillion to ₦92.21 trillion, supported by a market breadth that saw 66 gainers against 41 losers.
Trading volume rocketed by 79.8% to 8.72 billion shares, suggesting strong participation, although transaction value dipped 10.5% to ₦134.04 billion — a sign that investors were also targeting mid-cap and penny stocks. The number of executed deals increased by 3.24% to 179,908.
Sector performance showed that four out of six key indices closed positive. The insurance sector led with an extraordinary 41% gain, fuelled by sharp price appreciation in Mutual Benefits Assurance (+60.4%), AIICO Insurance (+59.8%), ROYALEX (+59.3%), SOVRENINS (+59.1%), and CORNERSTONE (+54.5%). Industrial goods followed with an 8.73% gain, driven by Dangote Cement and BUA Cement, while consumer goods advanced 8.27%, led by BUA Foods, GUINNESS, and ELLAH LAKES.
Oil & Gas posted a marginal 0.17% rise, while the commodities and banking sectors slipped by 2.33% and 0.75% respectively, dragged by sell-offs in TOTAL, PRESCO, ZENITHBANK, FIDELITYBANK, and ACCESSCORP.
Looking ahead, market analysts predict a mixed but largely optimistic outlook, with the insurance, consumer goods, and industrial sectors likely to dominate trading activity.
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