Equities market adds N2.4trn in bullish week as ASI gains 2.45%

By Seun Ibiyemi

Investors on the Nigerian Exchange Limited (NGX) recorded a significant windfall last week, with the market gaining a total of N2.4 trillion to close the capitalisation at N93.7 trillion.

The bullish momentum saw the market close positive in four out of five trading sessions, reflecting renewed investor appetite.

The benchmark All-Share Index (ASI) appreciated by 2.45 per cent, climbing to 147,040.08 points from the previous week’s close of 143,520.53 points.

Although the week began on a bearish note with a N197.32 billion loss on Monday, sentiment shifted sharply by Tuesday as the market recouped N1.29 trillion in a single session.

The positive trend was sustained through Wednesday and Thursday, with gains of N252.10 billion and N97.06 billion respectively, before a massive N997 billion rally on Friday sealed the week’s strong performance.

Trading activity also surged, with turnover rising to 6.617 billion shares valued at N113.224 billion across 109,590 deals, up from 4.140 billion shares worth N115.889 billion traded in 102,351 deals the prior week.

The ICT sector was the primary driver of volume, trading 3.500 billion shares valued at N17.759 billion, which accounted for 52.89 per cent of the total volume. The Financial Services sector followed with 2.625 billion shares valued at N50.188 billion.

In terms of specific equities, E-Tranzact International Plc, Cornerstone Insurance Plc, and Access Holdings Plc were the most active, jointly accounting for 73.60 per cent of the total trading volume.

Market breadth remained positive as 55 equities appreciated in price, led by NCR Nigeria Plc with a 33.03 per cent gain, followed by UAC Nigeria Plc and Guinness Nigeria Plc. Conversely, 29 stocks recorded price declines, with R.T. Briscoe Plc, Legend Internet Plc, and Union Dicon Salt Plc ranking as the top losers. The week’s performance signals a positive outlook for the exchange as investor confidence continues to strengthen.