Nigerian Stock Market Gains N8.67 Trillion in Three Weeks

The Nigerian stock market experienced a significant increase, closing last week with a market capitalization of N139.827 trillion, reflecting a gain of N8.67 trillion. This marks the third straight week of positive performance, driven by strong investor interest in companies such as MTN Nigeria Communications PLC, which gained 28.9%, and BUA Foods PLC, which rose by 11%.

The Nigerian Exchange Limited's All-Share Index (NGX ASI) advanced by 6.6%, contributing to a year-to-date return of 39.5%. The market breadth was positive, with 61 gainers compared to 36 decliners.

Notable gainers included Ecobank Transnational Incorporated, which increased by 46.3%, and Stanbic IBTC Holdings, which rose by 36.6%. The total turnover for the week was 3.588 billion shares valued at N195.313 billion across 254,553 deals.

Analysts expect the market to maintain its bullish momentum, supported by strong fundamentals and upcoming corporate earnings releases.