The Nigerian equities market extended its winning streak last week as investors gained approximately ₦1.3 trillion, with the Nigerian Exchange (NGX) All-Share Index climbing by 1.35% week-on-week to hit a new record level.
The sustained rally pushed the benchmark index to 148,977.64 points, flirting with the symbolic 150,000-point threshold—its highest level in 52 weeks. Market capitalisation also surged, closing at ₦94.56 trillion, reflecting renewed confidence among investors.
Analysts attribute the market’s uptrend to strong buying interest in mid and large-cap blue-chip stocks alongside strategic portfolio rebalancing, particularly as inflation cooled to 18.02% in September.
So far this year, the NGX All-Share Index has delivered an impressive 44.74% year-to-date gain, underlining the resilience and optimism driving Nigeria’s capital market.
Market breadth closed positive at 1.27x, with 52 gainers outpacing 41 decliners, signaling broad-based bullish sentiment. Trading activity, however, was mixed: while traded volumes rose by 5.93% to 2.42 billion units, the total transaction value slipped 15.53% to ₦76.98 billion from the previous week’s ₦91.14 billion.
The total number of deals also fell by 8.36% to 126,744, reflecting a more selective trading approach even amid the upbeat mood.
Sectoral performance leaned bullish overall, except for the NGX Banking Index, which fell by 0.13% due to mild corrections in GTCO, ACCESSCORP, and UBA as investors booked profits.
In contrast, Industrial Goods and Insurance indices led sector gains, rising 2.79% and 2.56%, respectively. Consumer Goods, Commodities, and Oil & Gas indices also advanced by 1.93%, 1.60%, and 0.04%, buoyed by renewed investor demand.
Top-performing stocks included SOVRENINS (+11.2%), ROYALEX (+11.1%), EUNISELL (+10%), SFSREIT (+9.9%), and OMATEK (+9.5%), benefiting from heightened market interest.
On the losers’ chart, TRIPPLE GEE (-18.8%), ACADEMY (-17.9%), REGALINS (-13.9%), LIVINTRUST (-13.5%), and IMG (-9.9%) topped the laggards, dragged down by profit-taking activities.
Analysts at Cowry Asset Management Limited noted that market sentiment remains upbeat as the index approaches the 150,000 resistance zone. They project a possible breakout if Q3 corporate earnings exceed expectations, though minor corrections may occur as traders lock in profits.
Looking ahead, experts anticipate continued bullish momentum driven by attractive equity valuations and improving macroeconomic indicators, while policy directions from monetary authorities remain a key determinant of near-term performance.
 All-Share Index climbing by 1.35% week-on-week to hit a new record level.){kind=link}