The Nigerian equity market recorded significant progress last week, with a gain of ₦77 billion pushing the total market capitalisation to ₦59.29 trillion. This brings the market within striking distance of the anticipated ₦60 trillion milestone.
The All-Share Index also saw a modest increase of 0.11%, closing at 97,829.02 points, reflecting sustained positive sentiment among investors.
Trading Activities
The week recorded a total turnover of 1.95 billion shares valued at ₦35.86 billion across 48,553 deals. This marked an increase in trading volume compared to the previous week’s 1.48 billion shares, though the value of traded stocks slightly declined from ₦38.88 billion.
The Financial Services Industry dominated by volume, trading 1.041 billion shares worth ₦16.207 billion in 21,099 deals. This accounted for 53.34% and 45.19% of the total equity turnover volume and value, respectively.
Trailing behind, the Oil and Gas Industry traded 273.4 million shares valued at ₦6.717 billion in 5,489 deals, while the Services Industry accounted for 141.2 million shares worth ₦779.17 million in 3,072 deals.
Key Performers
Prominent stocks such as Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc contributed significantly, accounting for 461.5 million shares worth ₦6.183 billion in 4,658 deals. This represented 23.64% of the total equity turnover volume and 17.24% of the value.
The number of gainers rose to 52 stocks, up from 39 in the previous week. Notable top performers included Eunisell Interlinked Plc (+60.72%), Tantalizers Plc (+57.33%), and John Holt Plc (+42.49%). Conversely, 33 equities declined, a reduction from the previous week’s 46. Major losers included Mecure Industries Plc (-18.53%), Multiverse Mining and Exploration Plc (-17.61%), and FBN Holdings Plc (-7.97%).
Sectoral Performance
Sectoral indices showed a bullish trend, with four sectors gaining and one losing.
- Insurance Index: Advanced by 4.5%, driven by gains in Sunu Assurance (+16.2%) and Mansard Insurance (+13.4%).
- Consumer Goods Index: Increased by 1.9%, supported by strong performances from Unilever (+20.8%) and Dangote Sugar (+16.7%).
- Oil & Gas Index: Rose by 0.2%, boosted by price appreciation in WAPCO (+28.6%) and Beta Glass (+9.5%).
However, the Banking Index fell by 2.6%, affected by selloffs in Access Holdings Plc (-7.5%) and Sterling (-5.6%).
Market Outlook
Afrinvest, a leading financial advisory firm, predicts a potential reversal in the equity market’s positive momentum. Anticipated profit-taking activities and a cautious investor response to the Monetary Policy Committee’s likely hawkish stance may dampen sentiment in the coming week.
“Next week, we anticipate the bourse to reverse the positive momentum, driven by profit-taking activities and risk-off reaction to the expected hawkish tilt of the MPC,” Afrinvest stated.
As the market approaches the ₦60 trillion mark, analysts will closely monitor investor behavior and the broader economic environment for further insights into future market dynamics.
