Nigerian Exchange Gains N4.595 Trillion Amid Bullish Trend

The Nigerian equities market extended its bullish run last week, gaining N4.595 trillion week on week due to renewed buying interest in selected stocks at the Nigerian Exchange (NGX). Market capitalization rose by 2.86 percent to N165.114 trillion from N160.519 trillion.

The NGX All Share Index (ASI) increased by 7,077.22 points, or 2.86 percent, closing at 254,299.49 from 247,222.27. Year-to-date returns stand at 63.42 percent.

Despite this growth, market breadth closed negative with 33 gainers against 48 decliners. Trading activity improved sharply, with deals rising by 10.99 percent to 192,138, while volume surged by 276.43 percent and value by 475.79 percent.

Investors exchanged 7.619 billion shares worth N637.826 billion, compared to 2.024 billion shares worth N110.773 billion the previous week. The Financial Services industry led with 6.990 billion shares valued at N573.492 billion, contributing 91.75 percent of volume.

Sectoral performance was mixed, with the Industrial Goods Index advancing 14.58 percent, while the Banking index shed 3.42 percent. The market outlook remains cautiously positive, supported by large-cap stock buying.