Follow Us on Google
Investors gained about N9.34 trillion on the Nigerian Exchange Limited (NGX) last week as sustained buying interest, led by industrial stocks, extended the equities market’s bullish run and pushed the market capitalisation to N156.45 trillion.
The broad-based rally saw the benchmark NGX All-Share Index (ASI) rise by 6.35 per cent to close the week at 243,798.76 basis points from 229,240.34 points recorded the previous week, while the market’s year-to-date return strengthened to 56.67 per cent.
The gains were driven by renewed demand across large-, mid- and small-cap stocks, particularly industrial counters, amid continued optimism over corporate earnings, improving macroeconomic conditions and sustained investor confidence in Nigerian equities. Analysts also noted that the positive sentiment was supported by reports placing the Nigerian Exchange among the world’s best-performing equity markets in dollar terms this year.
Trading data showed that market capitalisation increased by approximately N9.34 trillion during the week to close at N156.45 trillion, while the ASI advanced by 14,558.42 points. The market also recorded stronger breadth, with 60 equities appreciating in price against 28 decliners, while 58 stocks closed unchanged, reflecting widespread buying across sectors.
Performance across the sectoral indices reflected the strength of the rally, with all major equity indices closing in positive territory. The Industrial Goods Index emerged as the best-performing sector after advancing 10.46 per cent, supported largely by renewed demand for cement and construction-related stocks. The Oil and Gas Index followed with an 8.11 per cent gain, while the NGX Lotus II Index appreciated by 8.30 per cent. The Pension Index rose by 6.66 per cent, the NGX 30 Index gained 6.60 per cent and the Pension Broad Index advanced 6.38 per cent.
Similarly, the All-Share Index appreciated by 6.35 per cent, while the Consumer Goods Index gained 3.11 per cent. The Banking Index rose by 4.78 per cent, the Premium Index increased by 10.61 per cent, the Main Board Index appreciated by 4.02 per cent, while the Insurance Index advanced by 4.04 per cent. The Oil and Gas sector has now returned 96.80 per cent year-to-date, while the Industrial Goods Index has gained 88.73 per cent over the same period.
Although overall market activity moderated during the week, investors committed significantly higher value to equities.
A total of 3.648 billion shares valued at N220.57 billion were exchanged in 251,861 deals, compared with 3.821 billion shares worth N154.39 billion traded in 258,567 deals in the preceding week. While trading volume and the number of deals declined, transaction value rose sharply, indicating increased participation in higher-value stocks.
The Financial Services Industry dominated market activity by volume, accounting for 2.899 billion shares valued at N147.36 billion in 106,603 deals. The sector contributed 79.48 per cent of total traded volume and 66.81 per cent of total traded value.
The Services Industry followed with 164.91 million shares worth N3.62 billion, while the Consumer Goods Industry recorded 157.45 million shares valued at N7.78 billion.
Trading in First Holdco Plc, Zenith Bank Plc and Fidelity Bank Plc accounted for 1.745 billion shares worth N121.83 billion in 31,053 deals, representing 47.85 per cent of total traded volume and 55.23 per cent of total traded value during the week.
Analysts at Cowry Asset Management attributed the week’s performance to renewed buying interest across major counters, stronger investor confidence and optimism over corporate earnings and macroeconomic reforms.
Other News
According to the firm, “The Nigerian equities market extended its remarkable bullish run during the week, buoyed by renewed buying interest across major counters and strengthening investor confidence.”
It added that, “The positive narrative, alongside continued optimism over corporate earnings and macroeconomic reforms, sustained demand for Nigerian equities despite relatively subdued trading activity.”
Cowry said it expects positive market momentum to continue, although investors may engage in intermittent profit-taking following the recent rally.
The firm stated, “Looking ahead, we expect the market’s positive momentum to remain intact, supported by improving macroeconomic fundamentals, robust institutional demand, and sustained foreign investor interest following the NGX’s global outperformance.”
It, however, noted that, “Nonetheless, intermittent profit-taking is likely after the market’s strong recent gains, particularly in stocks that have significantly outperformed. We continue to advise investors to take position in fundamentally sound stocks.”
At the individual stock level, International Breweries Plc gained 40.00 per cent, closing at N13.30 per share, followed by RT Briscoe Plc, which appreciated 32.02 per cent to close at N13.40 per share. Livestock Feeds Plc rose 28.47 per cent to N9.25 per share, while First Holdco Plc advanced 25.82 per cent to N69.20 per share.
Also, Abbey Bank Plc gained 23.65 per cent to close at N9.15 per share, UPDC Real Estate Investment Trust appreciated 22.41 per cent to N10.65 per share, Honeywell Flour Mill Plc increased 21.43 per cent to N17.00 per share, FTN Cocoa Processors Plc climbed 21.13 per cent to N9.00 per share, Aradel Holdings Plc gained 19.67 per cent to close at N1,526.80 per share, while C & I Leasing Plc advanced 19.63 per cent to N6.40 per share.
On the losers’ chart, MCNichols Plc shed 28.57 per cent, closing at N5.00 per share, followed by Thomas Wyatt Nigeria Plc, which declined 11.64 per cent to N2.43 per share. Geregu Power Plc lost 10.00 per cent to close at N825.70 per share, while CAP Plc fell 9.99 per cent to N157.60 per share.
Guinness Nigeria Plc also declined 9.99 per cent to close at N329.00 per share, Ecobank Transnational Incorporated dropped 9.98 per cent to N85.70 per share, Mecure Industries Plc lost 9.96 per cent to N85.45 per share, Haldane McCall Plc declined 9.95 per cent to N3.53 per share, LivingTrust Mortgage Bank Plc fell 9.84 per cent to N3.39 per share, while Fortis Global Insurance Plc depreciated 9.63 per cent to close at N2.91 per share.
The week also witnessed a number of corporate actions and regulatory developments. The NGX implemented the change of name of Lafarge Africa Plc to HBM Nigeria Plc, following shareholders’ approval at the company’s Annual General Meeting held on April 30, 2026, and the issuance of a new certificate of incorporation by the Corporate Affairs Commission. Consequently, the company’s trading symbol was changed from WAPCO to HBMNG, marking the completion of its corporate rebranding on the Exchange.
The Exchange also lifted the suspension previously placed on the shares of Thomas Wyatt Nigeria Plc after the company filed its outstanding financial statements. NGX said the action was taken in line with its Default Filing Rules.
In the fixed-income space, the money market remained supported by robust liquidity conditions during the week, largely driven by inflows from maturing Open Market Operations (OMO) bills valued at N2.21 trillion and Treasury bills maturities of N269.36 billion. Although the settlement of N1.06 trillion from the Debt Management Office’s Treasury bills auction moderated liquidity towards the end of the week, the banking system still closed with positive liquidity of about N4.32 trillion.
