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By Chukwuma Umeorah
Renewed interest in high-value industrial stocks strengthened the Nigerian equities market last week, pushing the NGX All-Share Index up by 2.45 per cent to close at 147,040.08 points. Market capitalisation rose by N2.43 trillion to N93.72 trillion, extending a recovery that followed weeks of profit-taking and weak sentiment.
The Industrial Goods Index led sector performance with a 7.38 per cent gain, driven largely by renewed accumulation in heavy-weight counters. Dangote Cement Plc gained 15.02 per cent, closing at N614.90 per share, followed by improved buy interest across other industrial tickers. The Consumer Goods Index rose 1.56 per cent, the Banking Index advanced 3.20 per cent, while the Insurance Index appreciated 1.48 per cent.
Trading activity strengthened notably as investors positioned ahead of year-end adjustments and expected full-year earnings releases. Total equity turnover rose to 6.617 billion shares worth N113.22 billion across 109,590 deals, compared to 4.14 billion shares valued at N115.89 billion the previous week. The ICT sector accounted for more than half of total volumes, driven by heavy transactions in key counters.
Three companies dominated overall activity. E-Tranzact International Plc, Cornerstone Insurance Plc, and Access Holdings Plc collectively accounted for 4.87 billion shares, representing 73.60 per cent of total market volume and 24.22 per cent of traded value, showing concentrated investor interest in a narrow band of liquid equities. Market breadth improved significantly. NCR (Nigeria) Plc gained 33.03 per cent, closing at N72.70 per share, to top the advancers’ list. UAC of Nigeria Plc gained 22.69 per cent, closing at N96.80 per share, while Guinness Nigeria Plc gained 18.56 per cent, closing at N198.00 per share. Nigerian Breweries Plc gained 12.36 per cent, closing at N75.00 per share, continuing renewed accumulation in the consumer goods segment. Conversely, the week saw notable declines. RT Briscoe Plc fell by 12.79 per cent, closing at N3.00 per share, the worst performance for the period. Legend Internet Plc declined by 10.71 per cent to close at N5.00 per share, while Union Dicon Salt Plc fell 10 per cent, closing at N6.30 per share. Not all segments mirrored the broad recovery. The NGX Oil and Gas Index slipped 0.57 per cent, and the NGX Commodity Index eased 0.30 per cent reflecting weaker sentiment in those sectors.
Analysts at Cowry expect the market “to maintain a cautious but positive tone in the coming sessions as investors continue to take positions in fundamentally strong, undervalued stocks.”
They also project intermittent volatility, particularly in sectors facing operational pressures, but anticipate sustained interest in large-cap industrial and consumer-facing equities as the year draws to a close.
The week also featured notable corporate actions. The NGX listed 5.38 billion additional ordinary shares of Ecobank Transnational Incorporated, following the conversion of preference shares and loans to equity alongside exercised staff share options. In the industrial segment, Industrial and Medical Gases Plc added 181.62 million shares to the market after the completion of its rights issue. Additionally, trading opened on Champion Breweries Plc’s 2025 Rights Issue, expanding investor participation opportunities ahead of the January closing date.
