The Nigerian equities market extended its bullish run during the week by N9.342 trillion buoyed by renewed buying interest across major counters and strengthening investor confidence.
Market sentiment received an additional boost following reports that the Nigerian Exchange (NGX) had emerged as the world’s best-performing equity market in U.S. dollar terms, posting a remarkable 67 per cent year-to-date return and overtaking South Korea’s Kospi, according to Bloomberg’s ranking of 92 global stock exchanges. The positive narrative, alongside continued optimism over corporate earnings and macroeconomic reforms, sustained demand for Nigerian equities despite relatively subdued trading activity
The benchmark All-Share Index advanced by 6.35 per cent to close at 243,798.76 points, while market capitalization recorded a weekly gain of N 9.342 trillion to close at N156.445 trillion.
Investor sentiment, as measured by market breadth closed positive as 60 stocks gained, 28 lost, while 58 remained unchanged. International Breweries led the gainers table by 40 per cent to close at N13.30, per share. R.T. Briscoe followed with a gain of 32.02 per cent to close at N13.40, while Livestock Feeds went up by 28.47 per cent to close to N9.25, per share.
On the other side, McNichols led the decliners table by 28.57 per cent to close at N5.00, per share. Thomas Wyatt Nigeria followed with a loss of 11.64 per cent to close at N2.43, while Geregu Power declined by 10.00 per cent to close at N825.70, per share.
Overall, a total turnover of 3.648 billion shares worth N220.568 billion in 251,861 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.821 billion shares valued at N154.393 billion that exchanged hands last week in 258,567 deals.
The Financial Services Industry led the activity chart with 2.899 billion shares valued at N147.360 billion traded in 106,603 deals, contributing 79.48 per cent and 66.81 per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 164.914 million shares worth N3.615 billion in 16,375 deals, while the Consumer Goods Industry pulled a turnover of 157.451 million shares worth N7.777 billion in 27,950 deals.
Trading in the top equities, First Holdco, Zenith Bank and Fidelity Bank accounted for 1.745 billion shares worth N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total equity turnover volume and value respectively.
On market outlook, Cowry Assets Management Limited said, “we expect the market’s positive momentum to remain intact, supported by improving macroeconomic fundamentals, robust institutional demand, and sustained foreign investor interest following the NGX’s global outperformance. Nonetheless, intermittent profit-taking is likely after the market’s strong recent gains, particularly in stocks that have significantly outperformed. We continue to advise investors to take position in fundamentally sound stocks.”