The Nigerian stock market continues its record-setting momentum, with the Nigerian Exchange (NGX) crossing the N89 trillion mark in market capitalization after posting a staggering N4.32 trillion gain in a single week.
Propelled by impressive second-quarter earnings reports and attractive interim dividend declarations, the All-Share Index climbed 5.07% to an all-time high of 141,263.05 points, according to data compiled by Cowry Asset Limited.
The bullish rally, now in its tenth consecutive week, has been fueled by investor confidence across blue-chip sectors including banking, cement, and consumer goods. The market capitalization jumped 5.08% week-on-week to close at N89.37 trillion.
Trading volumes surged to 4.85 billion shares worth N149.75 billion, with the total number of deals rising by 26.4% to 174,265 — reflecting heightened investor participation.
The Industrial Goods Index led the sectoral rally, surging 10.12% on strong demand for DANGOTE CEMENT, BUA CEMENT, and LAFARGE AFRICA. The Banking Index followed with a 3.49% gain, lifted by performance optimism around UBA, WEMABANK, and ZENITHBANK.
Consumer Goods posted a 2.72% gain, while Insurance (-1.22%) and Oil & Gas (-0.48%) were the only lagging sectors, affected by profit-taking and declining momentum.
UACN emerged as the week’s top performer with a massive 115.9% return. Other high flyers included ACADEMY (78.3%), ABCTRANS (65.8%), EUNISELL (62.2%), and LAFARGE AFRICA (61.1%).
With a year-to-date return now standing at 37.25%, analysts forecast that investor appetite will remain strong as key earnings from Tier-1 banks are yet to be released. Cowry Asset advises market participants to prioritise stocks with strong fundamentals and dividend potential.
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