Nigerian Stock Market Records N77bn Gain, Approaches N60tn Capitalisation

The Nigerian equity market continued its upward trajectory last week, recording a N77 billion gain, bringing the total market capitalisation to N59.29 trillion—closer to the anticipated N60 trillion mark. The All-Share Index (ASI) also saw a modest rise of 0.11%, closing at 97,829.02 points, reflecting positive market sentiment.

A total of 1.95 billion shares, valued at N35.86 billion, changed hands across 48,553 deals, a notable increase from the previous week’s 1.48 billion shares worth N38.88 billion. The Financial Services sector led trading activity with 1.04 billion shares, valued at N16.21 billion, accounting for over half (53.34%) of the total volume and 45.19% of the total value.

Following closely, the Oil and Gas sector recorded 273.41 million shares valued at N6.72 billion, while the Services sector came third with 141.18 million shares worth N779.17 million. Noteworthy stocks included Japaul Gold, FBN Holdings, and Access Holdings, which together contributed 23.64% of the total volume and 17.24% of the total value traded.

The week also saw a positive shift in the number of gainers, with 52 stocks appreciating, up from 39 the previous week. Top gainers included Eunisell Interlinked (+60.72%), Tantalizers (+57.33%), and John Holt (+42.49%). Conversely, 33 stocks declined in price, fewer than the 46 that fell the week before. The biggest losers were Mecure Industries (-18.53%), Multiverse Mining (-17.61%), and FBN Holdings (-7.97%).

Sector performance was generally bullish, with the Insurance and Consumer Goods indices leading the gains, advancing by 4.5% and 1.9% respectively, fueled by interest in stocks like Sunu Assurance, Mansard Insurance, Unilever, and Dangote Sugar. The Insurance and Oil & Gas indices also saw gains of 1.8% and 0.2% respectively.

However, the Banking index faced a decline of 2.6%, driven by sell-offs in Access Holdings (-7.5%) and Sterling Bank (-5.6%).

Analysts at Afrinvest predict a reversal in market momentum next week, as profit-taking and a cautious investor response to the anticipated hawkish stance of the Monetary Policy Committee (MPC) are expected to weigh on investor sentiment. “We anticipate the bourse to reverse its positive momentum, driven by profit-taking activities and a risk-off reaction to the expected hawkish tilt of the MPC,” the firm noted.

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