The Nigerian equity market experienced an appreciable gain of N607 billion in market capitalisation over the past week, driven by strong investor interest in major stocks, notably Access Corporation and MTN Nigeria. The rise accentuates the market’s resilience and the positive impact of large-cap stocks on overall performance.
The All-Share Index saw a 1.06 percent increase, closing at 97,456.62, while market capitalisation rose by 1.10 percent to reach N56 trillion. This broad-based upward trend was reflected across most indices, with the exception of the Growth Index, which saw a slight decline of 0.03 percent. The Alternative Securities Market Index remained unchanged.
Access Corporation emerged as a significant contributor to the market’s gains, with its stock appreciating by 2.39 percent. MTN Nigeria led the charge with a remarkable 7.37 percent rise, reflecting continued investor confidence and robust market performance.
Sectoral performance was notably strong. The consumer goods sector saw a 1.47 percent gain, while the insurance sector rose by 1.59 percent. The industrial sector experienced a modest increase of 0.17 percent. The banking sector enjoyed a notable 5.12 percent increase, and the oil & gas sector also saw a solid gain of 2 percent.
Trading activity was predominantly led by the financial services industry, which saw 1.71 billion shares valued at N26.99 billion traded in 19,277 deals. This sector contributed 66.05 percent to the total equity turnover volume and 52.71 percent to its value.
The oil and gas sector followed closely, with 332.83 million shares worth N12 billion traded across 9,956 transactions. The services sector ranked third, with 146.19 million shares valued at N530.54 million traded in 3,404 deals.
Activity in the market showed a marked increase in trading volumes. The number of units traded rose to 43,535, with a total value of N13.48 million, compared to the previous week’s 23,881 units worth N8.24 million.
The week also saw 52 equities appreciate, a significant rise from the 36 equities that gained in the previous week. Conversely, 31 equities experienced price declines, down from 46 in the prior week, while 68 equities remained unchanged, a slight decrease from 69.
In addition to these developments, the Federal Government’s savings bonds were officially listed on the Nigerian Exchange on September 12, marking a new chapter in the market’s ongoing evolution. This addition is expected to further enhance the investment landscape and offer new opportunities for investors.