The Nigerian Exchange (NGX) closed the trading week with a strong performance, as the All-Share Index (ASI) rose by 1.60% to settle at 247,357.40 points. Market capitalisation also increased by 1.61%, reaching N159.588 trillion. The positive movement was largely driven by sustained demand for financial services stocks, particularly three heavyweight equities that together accounted for more than half of the total trading value.
First Holdco, Access, GTCO Dominate Trading Activity
First Holdco Plc, Access Holdings Plc, and GTCO Plc were the most actively traded equities during the week, with a combined turnover of 2.151 billion shares valued at N170.793 billion across 44,768 deals. These three stocks represented 48.51% of the total trading volume and 55.79% of the total trading value on the NGX, underscoring their outsized influence on market liquidity.
The Financial Services industry, where these companies are listed, was the clear leader in overall market activity. The sector recorded 3.422 billion shares worth N207.206 billion traded in 117,545 deals. This accounted for 77.18% of total equity turnover by volume and 67.68% by value during the week, according to data from the NGX.
Market Breadth Improves as Gains Outpace Losses
Market breadth improved significantly, with 57 equities recording price gains compared to 44 in the preceding week. The top gainers included UPDC REIT, which rose by 33.33% to close at N14.20, and First Holdco Plc, which appreciated by 25.59% to N120.50. Unilever Nigeria Plc, Cadbury Nigeria Plc, and AXA Mansard Insurance Plc also posted double-digit gains.
On the downside, Mecure Industries Plc led the decliners with a loss of 26.97%, closing at N62.40. Royal Exchange Plc, Tripple Gee & Company Plc, Sunu Assurances Nigeria Plc, and BUA Foods Plc were among the other notable losers. Despite the bearish pressure on some stocks, the overall sentiment remained positive.
Sectoral Performance Mixed Amid Broad Rally
While most sectoral indices closed higher, a few recorded declines. The NGX Consumer Goods Index fell by 3.76%, the NGX Lotus II Index dropped 1.55%, and the NGX Growth Index slumped 20.24%. The NGX Sovereign Bond Index and NGX Commodity Index also weakened, losing 0.14% and 1.25% respectively. These declines highlight the divergent performance across different segments of the market.
The Consumer Goods sector was the second most active after Financial Services, with 201.978 million shares worth N17.171 billion traded in 28,666 deals. The ICT industry placed third, recording 169.481 million shares valued at N21.194 billion across 23,107 deals. Total equity turnover for the week reached 4.433 billion shares, valued at N306.143 billion across 255,589 deals, a significant increase from the previous week's 2.819 billion shares worth N182.499 billion in 226,729 deals.
BUA Cement Dividend Boosts Billionaire's Wealth
In related corporate news, Nigerian billionaire Abdul Samad Rabiu, chairman of BUA Group, is set to earn approximately N189.74 billion in dividends from his stake in BUA Cement Plc. The company declared a N10.00 dividend per share for its 2025 financial year, approved at its 10th Annual General Meeting held in Abuja. Rabiu holds a 56.03% stake in BUA Cement, amounting to 18.974 billion shares out of 33.864 billion outstanding shares, making him the largest beneficiary of the payout.
Outlook and Investor Sentiment
The strong performance of financial stocks, particularly the trio of First Holdco, Access Holdings, and GTCO, has reinforced investor confidence in the Nigerian equity market. With the ASI reaching new highs and market breadth improving, analysts anticipate continued interest in banking and insurance stocks. However, the decline in growth and consumer goods indices suggests that sector-specific risks remain. Investors are closely watching corporate earnings, dividend announcements, and macroeconomic indicators for further market direction.
The NGX's weekly trading report highlights the dominance of a few large-cap financial stocks, which together account for a disproportionate share of market activity. This concentration underscores the need for diversified investment strategies to mitigate risks associated with narrow market leadership.
