Nigerian Equity Market Gains 6.16% Amid Pension Reforms

The Nigerian equity market extended its rally with a 6.16% weekly gain, closing at ₦117.027 trillion, up from ₦110.234 trillion the previous week. The NGX share index advanced by 1,058.59 basis points, settling at 182,313.08 points.

This growth reflects sustained investor confidence, bolstered by recent pension fund reforms allowing Pension Fund Administrators to allocate a higher proportion of assets to equities. Year-to-date returns strengthened to 17.76%.

The market breadth remained bullish, with 79 stocks advancing compared to 27 declining. Trading activity increased, with total deal volume rising by 19.24% and total trade value by 20.52%.

The financial services industry led trading with 2.782 billion shares worth ₦74.063 billion. The top three equities by turnover were Deep Capital Management Trust Plc, Access Holdings Plc, and Zenith Bank Plc.

The oil and gas index led sector gains, rising by 11.40%, while specific stocks such as Zichi and Union Dicon saw significant increases.