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By Chukwuma Umeorah
Nigerian equities gained N3.84 trillion in market value last week as renewed buying interest pushed share prices higher across most sectors of the Nigerian Exchange (NGX).
The NGX All-Share Index (ASI) rose by 3.71 per cent to close at 162,298.08 points, while total market capitalisation expanded by 3.84 per cent to N103.78 trillion from N99.94 trillion in the preceding week. The performance lifted the market’s year-to-date return to 4.43 per cent, reflecting a strengthening of investor demand after weeks of cautious and profit-taking-driven trading.
Market breadth showed a clear tilt towards the buy side, with 84 equities closing higher against 22 losers, while 42 stocks finished unchanged. The wide margin between advancers and decliners indicated that the rally was not limited to a few large stocks but spread across different segments of the market. The Insurance sector led the gains on the NGX, rising by 6.82 per cent week-on-week. The Industrial Goods index followed with a 4.74 per cent increase, while the Oil and Gas index advanced by 4.70 per cent. The Commodities index gained 4.58 per cent, the Banking index rose by 3.07 per cent, and the Consumer Goods index appreciated by 2.76 per cent, underscoring the broad-based nature of the equity rally.
On individual stock performance, price movements were dominated by strong rallies in several small- and mid-capitalisation equities. Multiverse Mining and Exploration Plc gained 59.73 per cent, closing at N23.40 per share, followed by McNichols Plc, which rose by 53.20 per cent to N5.50. May & Baker Nigeria Plc advanced by 51.58 per cent to close at N28.80, while Deap Capital Management & Trust Plc added 43.54 per cent to N3.00. Neimeth International Pharmaceuticals Plc also recorded a 43.22 per cent gain, ending the week at N8.45 per share.
Other notable gainers included Eunisell Interlinked Plc, which climbed by 34.76 per cent to N169.80, Fidson Healthcare Plc, up 32.91 per cent to N73.10, and E-Tranzact International Plc, which appreciated by 32.16 per cent to N15.00.
On the losing side, Aluminium Extrusion Industries Plc shed 19.75 per cent to close at N19.10, while Austin Laz & Company Plc declined by 11.56 per cent to N4.13. Sovereign Trust Insurance Plc lost 11.29 per cent to close at N3.38, Ikeja Hotel Plc fell by 10.91 per cent to N40.00, and Juli Plc dropped by 9.93 per cent to N7.26.
Despite the strong price performance, trading activity presented a mixed picture. Total deals on the Exchange rose sharply by about 64 per cent, indicating increased participation by investors. However, total traded volume and value declined compared with the previous week, pointing to more selective positioning in equities rather than broad, high-volume accumulation.
Investors exchanged a total of about 4.13 billion shares valued at N93.24 billion in 162,298 deals during the week. This was lower than the turnover recorded in the preceding week, even as the number of transactions increased, suggesting that the rally was driven largely by price re-rating rather than heavy volume flows.
The Financial Services sector dominated activity on the Exchange, accounting for more than 60 per cent of total traded volume, reflecting sustained investor interest in banking and insurance stocks. Services and ICT equities followed, although at significantly lower levels.
Major equity indices showed that the NGX Premium Index rose by 5.38 per cent, the NGX Banking Index advanced by 3.07 per cent, and the NGX Insurance Index climbed by 6.82 per cent. The NGX Industrial Goods Index closed higher by 4.74 per cent, reinforcing the impact of industrial and construction-related stocks on overall market performance.
While the equities market closed the week firmly in positive territory, the decline in traded value shows that participants remain cautious, with buying largely concentrated in stocks perceived to offer near-term value or recovery potential. Cowry in their weekly review notes that going into the new trading week, equities performance “is expected to continue reflecting a balance between selective accumulation and intermittent profit-taking, as investors assess corporate earnings expectations and broader market direction.”
