Emmanuel OchayiIn a surge, the Nigerian Equity market witnessed a gain of N4.3tn as investors strategically positioned themselves for the impending earnings season.
The All-Share Index soared past the historic 100,000 points milestone, reflecting a robust buy sentiment fueled by investments in dividend-yielding stocks.
Notable contributors to the market’s upswing included Dangote Cement, Seplat, BUA Cement, BUA Foods, and Eterna Plc, which experienced appreciable gains.
The week concluded with the ASI and market capitalization registering an impressive 8.32% increase, closing at 102,401.88 and N56.04tn, respectively, while year-to-date returns strengthened to N36.96%.
Sectorally, the Industrial index emerged as the frontrunner, notching 23.20% gain week-on-week, propelled by heightened investor interest in Dangote Cement and BUA Cement.
The Oil & Gas and Consumer Goods Indexes followed suit, posting gains of 11.57% and 5.29%, driven by positive performances from Seplat, JapaulGold, Eterna, BUA Foods, Nascon Allied Industries, and Geregu Power.
However, the banking and insurance sectors experienced a slight setback, with a 1.63% and 4.10% decline week-on-week, attributed to price declines in Wema Bank, GTCO, Royal Exchange, and Consolidated Hallmark Holdings Plc.
Despite the overall positive momentum, market participation levels saw a dip, reflecting a trend from the previous week.
Turnover stood at 2.981 billion units of shares worth N57.87bn, down from the previous week’s 5.179 billion shares valued at N77.80bn.
Top-performing stocks included Tripple Gee (+32.24%), Dangote Cement (28.82%), Sunu Assurances Plc (+25%), JapaulGold (+23.20%), and Seplat (+21%). On the downside, stocks such as VeritasKap (-23.38%), The Initiates Plc (-21.77%), Cadbury (-20.86%), and DEAP CAP (-19.19%) faced declines.
Looking ahead, there’s optimism in the market for sustained positive trading this week, with anticipation building around upcoming corporate earnings releases. Analysts at Cowry Assets, however, project a mixed trend with potential profit-taking, as investors navigate sectoral rotations to capitalize on strategic buying opportunities.
