The Nigerian equity market witnessed a significant surge last week, gaining N1.83 trillion as investor confidence drove the All-Share Index (ASI) and Market Capitalisation higher. The ASI rose by 2% to close at 108,053.95 points, while the Market Capitalisation appreciated by 2.78%, reaching N67.418 trillion.
Trading Activity and Sector Performance
A total of 2.414 billion shares valued at N55.512 billion were traded in 80,988 deals during the week. This marked a decrease in trading volume compared to the previous week, where 3.051 billion shares worth N98.350 billion were exchanged in 72,535 deals.
The Financial Services Industry dominated trading activity, accounting for 57.92% of the total equity turnover volume and 43.30% of the value. Investors traded 1.398 billion shares worth N24.039 billion in 31,919 deals within the sector. The Services Industry followed with 247.303 million shares valued at N1.165 billion traded in 6,277 deals, while the Consumer Goods Industry recorded a turnover of 153.776 million shares worth N3.939 billion in 8,405 deals.
Top Performers and Market Sentiment
Sterling Financial Holdings Company Plc, Access Holdings Plc, and Secure Electronic Technology Plc emerged as the top three traded equities. Together, they accounted for 455.469 million shares worth N5.273 billion in 6,654 deals, contributing 18.87% and 9.50% to the total equity turnover volume and value, respectively.
Market sentiment remained positive, with 65 equities appreciating in price, up from 58 in the previous week. Conversely, 31 equities depreciated, compared to 34 the week before, while 54 equities remained unchanged, down from 58 recorded in the prior week.
Other Market Activities
In the bond market, 48,850 units valued at N19.310 million were traded in 95 deals, a slight decrease from the 53,950 units worth N5.104 million traded in 58 deals the previous week. Additionally, 77,290 units worth N70.809 million were traded in 47 deals, up from 37,219 units valued at N28.751 million in 42 deals the week before.
Outlook
The strong performance of the equity market reflects growing investor confidence and positive sentiment across key sectors. The Financial Services Industry continues to lead trading activity, underscoring its pivotal role in the market. As the market maintains its upward trajectory, analysts anticipate sustained interest from both local and foreign investors, driven by favorable economic indicators and corporate earnings.
The Nigerian equity market’s impressive gain of N1.83 trillion in a single week highlights its resilience and potential for growth, positioning it as a key player in Africa’s financial landscape.
