The Nigerian equity market posted strong gains last week, adding ₦614 billion in market capitalisation, as investor confidence rebounded after a prior week of lackluster activity.
The Nigerian Exchange All-Share Index (NGX ASI) climbed by 0.90%, ending the week at 109,710.37 points, while the market capitalisation rose to ₦68.95 trillion. Market analysts attributed the uptick to renewed interest in blue-chip stocks and fundamentally strong companies.
Trading Activity Overview
Investors exchanged 2.61 billion shares worth ₦63.79 billion in 77,593 deals, slightly lower than the previous week’s 2.65 billion shares valued at ₦77 billion in 86,110 deals. Despite the dip in volume and value, market sentiment remained positive.
The Financial Services sector dominated trading once again, accounting for 1.54 billion shares valued at ₦28.96 billion, representing over 59% of total volume and 45% of value. It was trailed by the Services and Consumer Goods sectors, which recorded 286.8 million shares and 202.6 million shares, respectively.
Most Active Stocks
Three companies—FCMB Group Plc, Access Holdings Plc, and Tantalizer Plc—emerged as the week’s most actively traded stocks by volume. Together, they moved 600.68 million shares valued at ₦6.57 billion, accounting for over 23% of total market turnover.
Market Breadth and Price Movers
Although the week ended on a high note, market breadth was mixed. 61 equities posted gains, a slight drop from 68 the previous week, while 31 stocks declined, up from 28. The number of unchanged stocks rose from 52 to 56.
Beta Glass Plc topped the gainers’ chart, soaring by 46.31% to close at ₦235.05. Other major gainers included Champion Breweries Plc (+42.08%), Caverton Offshore Support Group Plc (+37.70%), FTN Cocoa Processors Plc (+36.32%), and Northern Nigeria Flour Mills Plc (+32.49%).
On the losing side, Multiverse Mining and Exploration Plc fell the most, down 19.50% to ₦8.05. It was followed by Union Dicon Salt Plc (-11.83%), Nigerian Aviation Handling Company Plc (-9.64%), University Press Plc (-8.90%), and Legend Internet Plc (-6.67%).
Fixed Income and ETFs
The fixed income segment also saw increased activity, with 138,668 units worth ₦26.70 million traded in 148 deals, up from 26,367 units worth ₦6.75 million the previous week.
Meanwhile, the Exchange-Traded Products (ETPs) market experienced a decline, with 121,749 units valued at ₦118.69 million traded in 56 deals, compared to 169,476 units worth ₦175.30 million in 30 deals the week before.
FGN Savings Bonds Update
In a bid to boost the debt market, the NGX listed the April 2025 issuance of the Federal Government of Nigeria Savings Bonds and additional units of existing bonds as a supplementary listing on May 15. This move was viewed as a confidence booster for the fixed income market.
Outlook
Market analysts expect the momentum to continue into the new week, supported by corporate earnings releases, policy direction from the upcoming Monetary Policy Committee (MPC) meeting, and sustained interest in consumer and industrial goods sectors.
