Nigerian Stock Market Sees N4.6tn Surge in One Week

Investors' average return on the Nigerian stock market rose by N4.6 trillion week-on-week, driven by renewed demand across major indices. The Nigerian Exchange Limited All-Share Index (NGX ASI) increased by 2.78% or 6,751.82 basis points, closing at 249,804.56 points from 243,052.74 points.

Key contributors included First Holdco Plc (+17.7%), Aradel Holdings Plc (+9.6%), BUA Cement Plc (+6.8%), MTN Nigerian Communications Plc (+3.1%), and Zenith Bank Plc (+2.4%). The market capitalization rose to N162.157 trillion from N157.587 trillion.

Sector performance was positive, with Banking (+4.4%), Insurance (+3.8%), Oil & Gas (+3.7%), Industrial Goods (+3.1%), and Consumer Goods (+0.5%) indices all closing higher. A total turnover of 3.249 billion shares worth N237.986 billion was traded in 287,919 deals.

Analysts from Cowry Assets Management Limited attributed the positive performance to strong investor sentiment and demand for selected stocks, while Cordros Securities Limited noted that upcoming events, including the 307th MPC meeting, may influence market direction.