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By Chukwuma Umeorah
The Nigerian equities market extended its upward momentum last week as investors’ appetite for fundamentally strong stocks pushed the benchmark index to a new 52-week high. The NGX All-Share Index (ASI) advanced by 2.37 per cent to close at 146,988.04 points, while market capitalisation rose by the same margin to N93.30 trillion, representing an increase of about N2.16 trillion in investors’ wealth.
Trading data from the Nigerian Exchange Limited (NGX) revealed that market sentiment remained positive despite a moderation in overall activity. The total volume of shares traded declined by 72.79 per cent to 2.29 billion units, while the total value of transactions fell by 21.11 per cent to N90.28 billion. However, the number of deals climbed by 19.36 per cent to 138,177, reflecting a rise in retail and mid-tier investor participation.
The Financial Services sector led trading, accounting for 59.28 per cent of the total market turnover with 1.35 billion shares valued at N24.59 billion traded in 59,553 deals. The ICT sector followed with 182.82 million shares worth N7.81 billion, while the Agriculture sector recorded 181.50 million shares valued at N3.55 billion.
Ellah Lakes Plc, Chams Holding Company Plc, and Fidelity Bank Plc emerged as the most traded equities by volume, with a combined turnover of 430.97 million shares worth N5.60 billion in 10,254 deals, contributing 18.86 per cent and 6.20 per cent to total equity turnover volume and value respectively.
Across the sectoral indices, performance was broadly positive. The Industrial Goods Index led with a 4.23 per cent weekly gain, followed by the Insurance Index, which rose by 3.69 per cent. The Oil and Gas Index advanced 2.90 per cent, while the Consumer Goods and Commodities indices gained 0.83 per cent and 1.65 per cent respectively. The Banking Index was the only laggard, dipping by 0.41 per cent on account of profit-taking in tier-one counters.
Fifty-one equities appreciated in price during the week, while forty-one declined and fifty-five remained unchanged. Sovereign Trust Insurance Plc topped the gainers’ chart, rising by 16.73 per cent to close at N3.21 per share from N2.75 recorded the previous week. Omatek Ventures Plc followed with a 12.30 per cent gain to close at N1.37 per share, while AXA Mansard Insurance Plc rose by 11.81 per cent to N16.10. Chams Holding Company Plc advanced by 11.69 per cent to N4.30, and Eunisell Interlinked Plc gained 11.39 per cent to close at N44.00 per share.
Other top performers included Cutix Plc, which appreciated by 11.11 per cent to N3.90; MTN Nigeria Communications Plc, up 10.82 per cent to N471.00; and Seplat Energy Plc, which gained 10.00 per cent to N5,917.20 per share. SFS Real Estate Investment Trust rose by 9.97 per cent to N381.10, while Deap Capital Management & Trust Plc added 9.76 per cent to close at N1.80 per share.
Conversely, LivingTrust Mortgage Bank Plc led the decliners, shedding 14.61 per cent to close at N5.20 per share. Neimeth International Pharmaceuticals Plc followed with a 10.96 per cent loss to N6.01, while UH Real Estate Investment Trust declined by 9.98 per cent to N51.85. Meyer Plc fell 9.85 per cent to N15.10, and Juli Plc dropped by 9.60 per cent to close at N8.95 per share.
Other notable losers included PZ Cussons Nigeria Plc, which depreciated by 8.51 per cent to N38.15; Haldane McCall Plc, which fell by 7.21 per cent to N4.12; Thomas Wyatt Nigeria Plc, which lost 7.10 per cent to N3.01; E-Tranzact International Plc, which dropped by 6.25 per cent to N15.00; and Associated Bus Company Plc, which declined by 5.81 per cent to close at N4.05 per share.
Market watchers noted that the sustained rally reflected improved investor confidence driven by stable foreign exchange conditions and renewed optimism about corporate earnings. “The market’s resilience and continued upward movement indicate that investors are increasingly focused on fundamentally sound stocks,” Cowry Asset Management stated in its weekly market review.
The firm added that the equities market was benefiting from “steady liquidity, selective positioning, and strong portfolio rebalancing,” though it cautioned that elevated interest rates and inflation could limit future upside.
Cowry projected a broadly stable outlook, noting that market performance would depend on the interplay of monetary policy direction and corporate results. “We expect the equities market to trade in a mixed but stable pattern in the coming week as investors continue to rebalance their portfolios amid macroeconomic adjustments,” the report stated.
