Nigerian Stocks Rally as Market Cap Swells to N76.3 Trillion

Nigeria’s equity market posted a solid performance last week, with the Nigerian Exchange Limited (NGX) All-Share Index climbing 0.83% to close at 120,989.66 points, whilst market capitalisation expanded by 0.50% to reach N76.339 trillion.

The week’s trading activity demonstrated renewed investor appetite, with a substantial uptick in volumes compared to the previous week.

Investors exchanged 5.466 billion shares worth N108.099 billion across 118,570 deals, marking a significant increase from the prior week’s 3.903 billion shares valued at N102.221 billion in 114,484 transactions.

The Financial Services sector dominated trading activity, accounting for the lion’s share of market turnover with 2.739 billion shares valued at N34.538 billion changing hands in 42,646 deals.

This represented a commanding 50.12% of total equity turnover by volume and 31.95% by value, underscoring the sector’s pivotal role in driving market activity.

The Oil and Gas sector claimed second position in the activity rankings, with 852.042 million shares worth N39.838 billion traded in 10,555 deals.

Meanwhile, the Services sector rounded out the top three with 400.194 million shares valued at N2.517 billion across 9,214 transactions.

Individual stock performance was led by three standout equities: Royal Exchange Plc, Access Holdings Plc, and Japaul Gold & Ventures Plc. These three companies collectively accounted for 1.688 billion shares worth N12.816 billion in 8,036 deals, contributing 30.88% to total volume and 11.86% to total value traded.

Market breadth remained fairly balanced, with 78 equities posting gains during the week to match the previous week’s tally, whilst 20 stocks declined, an improvement from the 27 that fell the week prior.

A total of 49 other equities remained unchanged, slightly higher than the 43 that held steady in the previous trading week.

The week’s performance suggests growing investor confidence in the Nigerian equity market, with increased trading volumes and a marginal uptick in market capitalisation pointing to sustained interest from both domestic and international investors.

The robust activity across key sectors, particularly Financial Services and Oil & Gas, indicates broad-based participation in the market’s upward trajectory.