Equities market up 6.6% as investors bag N8.7trn in 1 week

By Chukwuma Umeorah

The equities market closed the week ended April 17 on a positive note with investors recording gains of about N8.7 trillion as the benchmark index advanced by 6.6 per cent week-on-week, reflecting sustained buying interest in large-cap stocks.

Market capitalisation rose to approximately N139.8 trillion, while the All-Share Index (ASI) settled above 217,000 points, extending the market’s upward trend and lifting year-to-date returns to about 39.5 per cent.

Trading activity strengthened during the period, as investors exchanged about 3.59 billion shares valued at roughly N195 billion in over 255,000 deals, indicating increased participation compared to the previous week. Market breadth closed positive, with 61 gainers against 36 losers, pointing to broad-based demand across equities.

Sectoral performance was largely positive, with gains recorded across most indices. The oil and gas sector led the advance with a 17.6 per cent gain, while the banking index rose by 11.9 per cent, supported by renewed demand for financial stocks. Consumer goods also recorded a 7.8 per cent increase, while the industrial goods index posted a modest gain. The insurance sector was the only laggard, declining marginally during the week.

Activity levels were concentrated in financial stocks, which accounted for a significant share of total volume and value traded, underscoring sustained investor interest in the sector. On individual stock performance, Trans-Nationwide Express Plc gained 60.5 per cent, closing at N6.05 per share, followed by Ecobank Transnational Incorporated, which gained 46.3 per cent to close at N67.30 per share. Stanbic IBTC Holdings Plc gained 36.6 per cent, closing at N188.55 per share, while Royal Exchange Plc gained 29.4 per cent to close at N1.85 per share. Aradel Holdings Plc gained 28.9 per cent, closing at N1,649.00 per share.

On the losers’ chart, Coronation Insurance Plc declined by 14.4 per cent to close at N2.50 per share, followed by Ikeja Hotel Plc, which declined by 14.4 per cent to close at N33.40 per share. International Energy Insurance Plc declined by 13.8 per cent to close at N3.06 per share, Academy Press Plc declined by 12.6 per cent to close at N7.65 per share, and Honeywell Flour Mill Plc declined by 11.0 per cent to close at N19.00 per share.

Cowry Asset Management in their weekly review note stated that “the positive momentum in the equities market is likely to persist in the near term, supported by investor sentiment and liquidity, although gains may moderate as investors begin to take profit following the recent rally.”