The Nigerian Exchange (NGX) posted a strong weekly performance as the All-Share Index surged 6.35% to close at 243,798.76 points, pushing market capitalisation to N156.445 trillion. The rally was fueled by renewed buying interest in banking and consumer goods stocks, with financial services dominating trading activity.
Market Breadth and Trading Volume
Market sentiment improved significantly as 60 stocks advanced against 28 losers, compared with 22 gainers and 57 losers in the prior week. A total of 3.648 billion shares valued at N220.568 billion were traded in 251,861 deals, reflecting stronger demand for higher-priced equities despite a slight decline in share volume from 3.821 billion shares the previous week.
The Financial Services sector led activity, recording 2.899 billion shares worth N147.360 billion in 106,603 deals, accounting for 79.48% of total turnover volume and 66.81% of total turnover value. The Services sector followed with 164.914 million shares valued at N3.615 billion, while the Consumer Goods sector ranked third with 157.451 million shares worth N7.777 billion.
Banking Stocks Drive Rally
Trading was largely driven by First HoldCo Plc, Zenith Bank Plc, and Fidelity Bank Plc, which jointly accounted for 1.745 billion shares worth N121.828 billion in 31,053 deals. These three banking stocks contributed 47.85% of total equity turnover volume and 55.23% of total turnover value during the week.
According to Dave Ibemere, senior business editor at Legit.ng, the positive performance reflected stronger investor confidence as gainers outnumbered losers by more than two to one.
Top Gainers and Losers
International Breweries Plc emerged as the week's biggest gainer, rising 40.00% from N9.50 to N13.30. Other top gainers included RT Briscoe Plc (+32.02%), Livestock Feeds Plc (+28.47%), First HoldCo Plc (+25.82%), and Abbey Bank Plc (+23.65%). Aradel Holdings Plc gained 19.67% to close at N1,526.80.
On the downside, McNichols Plc led losers with a 28.57% decline to N5.00, followed by Thomas Wyatt Nigeria Plc (-11.64%), Geregu Power Plc (-10.00%), CAP Plc (-9.99%), and Guinness Nigeria Plc (-9.99%).
Market Outlook
The bullish run extended as investors added to market values, with 58 equities closing unchanged compared with 67 in the preceding week. Analysts attribute the rally to sustained buying interest in banking stocks, which continue to drive liquidity and market performance.
