Nigerian Equity Market Gains N924 Billion in Weekly Growth

The Nigerian equity market sustained a weekly growth, gaining N924 billion, with the market capitalization rising by 0.73% to N127.36 trillion from N126.43 trillion the previous week. The benchmark NGX share index increased by 1439.65 basis points, closing at 198,407.30 points, compared to 196,968.15 points the prior week.

Year-to-date returns strengthened to 27.50%, indicating continued positive momentum in the domestic stock market. However, the market breadth remained negative, with 34 stocks recording gains while 61 declined, suggesting that despite the overall market increase, many stocks lost value during the week.

Trading activity was subdued, with a total trading volume of 3.31 billion shares worth N164.67 billion across 318,640 deals, reflecting a decline in trading value by 14.19% week-on-week. Notable gainers included Premier Paint PLC, Conoil PLC, and BUA Cement PLC, while SCOA Nigeria PLC and FTG Insurance PLC were among the top losers.

The market outlook remains mixed as investors continue to rebalance portfolios.