The Nigerian stock market staged a sharp rebound last week, handing investors a gain of N9.342 trillion just seven days after a selloff had wiped over N1.8 trillion off the bourse.
Market capitalisation on the Nigerian Exchange (NGX) closed the week at N156.445 trillion, up from N147.102 trillion the previous week, while the All-Share Index surged 6.35 per cent to settle at 243,798.76 points from 229,240.34 points. Year-to-date returns strengthened to 56.67 per cent.
A total of 3.648 billion shares worth N220.568 billion changed hands in 251,861 deals during the week, compared with 3.821 billion shares valued at N154.393 billion traded in 258,567 deals the previous week. Deal count fell even as turnover value rose, pointing to fewer but bigger trades.
The Financial Services sector dominated activity, accounting for 2.899 billion shares worth N147.360 billion in 106,603 deals, representing 79.48 per cent of volume and 66.81 per cent of value.
Services followed with 164.914 million shares worth N3.615 billion, while Consumer Goods placed third with 157.451 million shares valued at N7.777 billion.
First HoldCo, Zenith Bank and Fidelity Bank led activity among individual stocks, jointly accounting for 1.745 billion shares worth N121.828 billion, nearly half of total volume.
Nineteen of the twenty NGX sub-indices closed higher, with the Industrial Goods Index leading at 10.46 per cent and the Premium Index up 10.61 per cent. Only the Growth Index and Sovereign Bond Index closed lower, shedding 7.43 per cent and 0.02 per cent respectively.
International Breweries topped the gainers’ chart, climbing 40 per cent from N9.50 to N13.30, followed by R T Briscoe, up 32.02 per cent, and Livestock Feeds, which added 28.47 per cent. Aradel Holdings gained 19.67 per cent to close at N1,526.80, going ex-dividend on a N23 payout the same day.
On the flip side, MCNichols led the decliners, losing 28.57 per cent, while Thomas Wyatt Nigeria shed 11.64 per cent in the same week its trading suspension was lifted after the company filed overdue financial statements, more than eight months after the NGX first flagged the default in October 2025. Geregu Power, Guinness Nigeria and Ecobank Transnational Incorporated each fell close to 10 per cent.
Sixty equities appreciated during the week, up sharply from twenty-two the previous week, while twenty-eight declined and fifty-eight closed flat.
Away from equities, exchange-traded products saw activity slow, with 2.034 million units worth N576.010 million traded in 6,301 deals, down from N622.404 million the previous week. The bond market moved in the opposite direction, with turnover nearly doubling to N294.840 million from N180.178 million, driven largely by the TAJSUKS2 sukuk, which alone accounted for N261.771 million of the total.
The Exchange also confirmed that Lafarge Africa has completed its rebrand to HBM Nigeria, with its trading symbol changing from WAPCO to HBMNG following shareholder approval at the company’s April annual general meeting and the issuance of a new certificate of incorporation.
Analysts tracking the week’s trading pointed to sustained rotation into fundamentally sound large and mid-cap stocks, led by heavyweights such as Dangote Cement, Airtel Africa and MTN Nigeria, as the driver of the rebound.
According to the Chief Analyst at Investdata Consulting Limited, Ambrose Omordion, the market is expected to maintain its positive medium-term bias, supported by strong liquidity, renewed institutional positioning, improving corporate earnings expectations, and investors seeking inflation-beating returns.
“Attention is likely to remain on fundamentally sound banking, energy, industrial, and consumer goods stocks ahead of the half-year earnings season,” he said.
The analyst added that nevertheless, after the recent sharp rally, investors should expect increased volatility as short-term traders lock in profits at elevated price levels.
“Any pullback is likely to be viewed as a buying opportunity, provided the NGX ASI holds above key psychological support around 240,000 points.”
Analysts further explained that market direction this week will depend on the sustainability of fund inflows, corporate disclosures, macroeconomic developments, and investor reaction to second-quarter earnings expectations.
Overall, the underlying market structure remains bullish, with bargain hunting expected to emerge on price weakness.
