The Nigerian Exchange Limited (NGX) delivered a stunning performance to close the trading week, staging a remarkable comeback that saw investors collectively wealthier by a massive ₦285 billion. This impressive turnaround marks a significant reversal from previous trading sessions, injecting fresh optimism into the market.
Market Indicators Paint Bullish Picture
The All-Share Index, a critical barometer of market performance, surged by 0.51 percent to settle at 99,300.38 points. This upward movement translated directly into substantial gains for market participants, with the year-to-date return strengthening to an impressive 32.82 percent.
Market capitalization, representing the total value of all listed companies, climbed to ₦56.17 trillion from the previous day's close of ₦55.89 trillion. This ₦285 billion increment demonstrates the substantial value created during Friday's trading session alone.
Sector Performance: Banking and Insurance Lead Charge
The banking sector emerged as the star performer, with the NGX Banking Index posting a robust gain of 1.06 percent. Insurance stocks followed closely behind, advancing by 0.39 percent to contribute significantly to the overall market upswing.
Other sectors showed mixed but generally positive momentum. The consumer goods index edged up by 0.09 percent, while the oil and gas index maintained stability with a flat close. The industrial goods sector experienced a slight dip of 0.01 percent, though this minor decline did little to dampen the overall positive sentiment.
Trading Activity Reflects Renewed Confidence
Market breadth tilted positive, with 22 gainers outpacing 18 losers—a clear indicator of widespread buying interest across multiple stocks. Trading volume reached 297.34 million units, valued at ₦5.17 billion, executed through 7,550 deals.
This heightened activity level suggests that investors are returning to the market with renewed confidence, potentially positioning themselves for continued gains in the coming week.
Top Performers and Market Movers
Several stocks stood out as major contributors to the day's gains. Thomas Wyatt Nigeria led the advancers with an impressive 9.52 percent surge, closing at ₦2.07 per share. Consolidated Hallmark Insurance followed with an 8.70 percent gain, reaching 75 kobo.
Other notable performers included The Initiative, which rose by 8.57 percent to ₦1.14, and TIP, which advanced by 7.69 percent to ₦1.54. On the flip side, NEM Insurance experienced the most significant decline, dropping by 9.89 percent to ₦7.57.
This broad-based recovery demonstrates the resilience of the Nigerian stock market and suggests that investors are finding value opportunities across various sectors, particularly in the financial services industry.
