Nigerian Stock Market Gains N8.14 Trillion on Buys

The Nigerian stock market maintained a bullish trajectory last week, appreciating by N8.14 trillion, primarily driven by strong buy interest in MTN Nigeria Communications Plc and Dangote Cement Plc. Market capitalization increased by 6.95%, closing at N125.164 trillion.

The NGX share index advanced by 6.95%, reflecting a year-to-date return of 25.3%. The overall market sentiment was positive, with 71 stocks recording gains against 41 declines.

Zichi Agro Allied Industries led the gainers' table with a 60.74% increase, while R.T. Brisco led the decliners with a 20.78% decrease.

Total turnover reached 7.662 billion shares worth N252.566 billion over 345,118 deals, contrasting with the previous week's 4.652 billion shares worth N193.326 billion. Analysts predict that the market will remain broadly positive, supported by strong investor confidence, although intermittent profit-taking may trigger mild pullbacks.

The upcoming earnings releases and dividend declarations across key sectors are expected to shape market sentiment.