Nigerian Equities Investors Gain $3 Billion in Weekly Surge

Nigerian equities investors experienced a significant $3 billion weekly gain as the stock market rallied, primarily fueled by strong price appreciation. The Nigerian Stock Exchange (NGX) sustained its upward momentum, extending its winning streak amid heightened trade activity and strengthened investor confidence.

The All-Share Index (ASI) closed at 171,727.49 points, marking a 3.84% week-on-week gain. The market capitalization increased to N110.23 trillion from N106.15 trillion the previous week, translating to a gain of approximately N4.08 trillion.

Notably, the year-to-date return stood at 10.93%, with investors positioning themselves ahead of the release of January's inflation data. Market breadth remained positive at 2.06x, with gainers outnumbering decliners.

Various sectors, including the oil and gas, consumer goods, and industrial goods sectors, posted solid gains. Leading gainers included RT Briscoe and Zichi, while laggards included Cornerstone and Sunu Assurances.

Cowry Asset Management expects the market to maintain a positive bias in the near term, with strong fundamentals and improving market breadth supporting investor sentiment.