Nigerian Equities Gain N187bn Amid Mixed Market Activity

The Nigerian equities market closed last week with a gain of N187 billion, attributed to renewed buying interest in major stocks. The market capitalization of listed equities rose by approximately 0.12% to N158.51 trillion from N158.325 trillion.

The benchmark NGX All Share Index increased by 309.92 basis points or 0.12% week-on-week, closing at 245,573.60 points. Despite the positive index performance, market breadth was negative, with 26 gainers and 63 losers, while 58 stocks remained unchanged.

Year-to-date returns improved to 57.81%, reflecting cautious investor sentiment. Market activity saw a reduction in participation, with total transaction volume increasing by 4.69% to 5.359 billion units, but trading value and the number of deals declined by 65.65% and 8.19%, respectively.

The financial services industry led in volume with 3.469 billion shares valued at N73.013 billion. The Banking Index was the best-performing sector, advancing 2.33%, driven by demand for FCMB, FirstHoldco, and AccessCorp.