Nigerian Equity Market Sees Positive Week With N954 billion Gain

The Nigerian equity market had a positive performance last week, with investors  gaining N954 billion.

By the end of the week, the market capitalisation and the All-Share Index both increased by 0.02 per cent, closing at N56.17 trillion and 99,300 points, respectively.

During the week, investors traded 2.19 billion shares worth N31.30 billion in 39,362 deals on the exchange floor. The financial services industry led the activity chart, with 1.91 billion shares worth N23.92 billion exchanged in 21,717 deals. This sector contributed 76.42 per cent of the total stock turnover volume and 87.41 per cent of the value.

“We saw a solid performance from the financial services sector,” said a market analyst. “This industry continues to dominate the trading activity, reflecting investor confidence.”

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Following the financial services, the oil and gas sector recorded 55.35 million shares worth N3.09 billion in 2,109 deals. The agriculture industry came in third with 45.09 million shares traded in 1,615 deals, valued at N377.62 million.

The top three equities by volume were Abbey Mortgage Bank, Access Holdings, and Zenith Bank. These companies collectively accounted for 1.13 billion shares worth N14.91 billion in 6,494 deals. They represented 51.57 per cent of the total equity turnover volume and 47.64 per cent of the value.

“Investors are showing a lot of interest in these top equities,” commented a trader. “They are driving a significant portion of the market’s activity.”

Overall, the sectoral indices showed a positive trend, except for the Industrial Index, which dipped by 0.13 per cent. The banking sector saw an increase of 8.72 per cent, the conglomerates industry rose by 2.04 per cent, and the oil and gas sector grew by 9.08 per cent.

Some of the best-performing stocks for the week included Fidelity Bank, which gained 22.89 per cent to close at N10.20, Dangote Sugar Refinery, up by 20.51 per cent to N47 per unit, and NASCON Allied Insurance, which rose by 20.15 per cent to close at N40.85.

On the other hand, C & I Leasing saw a decline of 13.66 per cent to close at N2.97. NPF Microfinance Bank decreased by 11.11 per cent to N1.60, and FTN Cocoa Processor fell by 8.33 per cent to N1.10.

In addition, AIICO Insurance and Sovereign Trust Insurance proposed final dividends of N0.05 and N0.03 per share, respectively, for their shareholders.

“Dividends are always a welcome announcement for investors,” noted a shareholder. “They reflect the companies’ profitability and commitment to returning value to shareholders.”

The Nigerian equity market’s performance last week indicates investor optimism and strong trading activity, particularly in the financial services sector. The market’s positive trend is expected to continue, with investors closely watching sectoral performances and individual stock movements.