The Nigerian equity market gained N77 billion last week, pushing the market capitalisation to N59.29 trillion, just shy of the anticipated N60 trillion threshold. The All-Share Index rose by 0.11%, closing at 97,829.02 points, reflecting positive sentiment.
A total of 1.95 billion shares worth N35.86 billion were traded in 48,553 deals, compared to 1.48 billion shares valued at N38.88 billion in the previous week’s 44,795 deals.
The Financial Services sector led in trading volume, with 1.04 billion shares worth N16.21 billion traded across 21,099 deals, accounting for 53.34% of the total volume and 45.19% of the value. The Oil and Gas sector followed with 273.4 million shares worth N6.72 billion, and the Services sector traded 141.2 million shares worth N779.17 million.
Notably, Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc collectively traded 461.5 million shares valued at N6.18 billion, making up 23.64% of the total volume and 17.24% of the total value.
Market performance improved as 52 stocks appreciated, up from 39 the previous week. Top gainers included Eunisell Interlinked Plc (+60.72%), Tantalizers Plc (+57.33%), and John Holt Plc (+42.49%). On the downside, 33 stocks declined, fewer than the 46 from the previous week. The biggest losers were Mecure Industries Plc (-18.53%), Multiverse Mining and Exploration Plc (-17.61%), and FBN Holdings Plc (-7.97%).
Sector-wise, four indices gained, while one lost, and the Information and Communication Technology index remained unchanged. The Insurance and Consumer Goods indices were up by 4.5% and 1.9%, driven by strong interest in stocks like Sunu Assurance (+16.2%), Mansard Insurance (+13.4%), Unilever (+20.8%), and Dangote Sugar (+16.7%).
In contrast, the Banking index dropped by 2.6%, primarily due to sell-offs in Access Holdings Plc (-7.5%) and Sterling Bank (-5.6%).
Afrinvest analysts predict a reversal in the market’s positive momentum, citing potential profit-taking and a risk-averse response to the expected hawkish stance of the Monetary Policy Committee. They anticipate the market to face a pullback in the coming week.
