Trading activities at the Nigerian Exchange Limited (NGX) recorded a significant uptick last week, with trading volume, number of deals, and total value traded rising by 23.85 percent, 21.86 percent, and 20.77 percent, respectively, according to data from the exchange.
Investors traded approximately 5.99 billion shares valued at N347.81 billion across 406,393 deals, reflecting stronger market participation and improved liquidity. The market capitalization advanced by about N1.1 trillion to close at N157.09 trillion, driven by renewed buying interest in industrial, banking, and insurance stocks.
Bullish Momentum Lifts All-Share Index
The bullish momentum propelled the All-Share Index (ASI) by 1.03 percent week-on-week to settle at 244,775.83 points, boosting the year-to-date return to 57.3 percent and reinforcing investor confidence in the domestic equities market. Market breadth closed positive, with 69 stocks recording gains against 36 losers, indicating persistent buying interest across major counters despite profit-taking in selected large-cap stocks.
Sectoral Performance Highlights
Sectoral performance remained broadly positive. The industrial goods sector emerged as the strongest performer, gaining 5.11 percent, driven by sustained demand for CAP, Meyer, and BUA Cement shares. The insurance sector also recorded a strong performance, rising by 4.01 percent following renewed interest in Sovereign Insurance and Linkage Assurance, among others. The banking sector appreciated by 1.89 percent on the back of buying interest in ETI, Fidelity Bank, and GTCO.
However, bearish sentiment persisted in some sectors. The oil and gas sector declined by 3.27 percent, largely due to profit-taking in Aradel despite gains recorded in Totalenergies, JapaulGold, and Oando. The consumer goods sector closed marginally lower by 0.26 percent following sell pressure in Guinness, PZ, and Honeywell Flour.
Top Performers and Losers
Among the top-performing stocks, CAP led the gainers table with a 61 percent appreciation, followed by Zichis (53.2 percent), FTNcocoa (50.9 percent), RTBriscoe (41 percent), and Dangsugar (33.4 percent). On the losers' chart, NAHCO declined by 20.9 percent, Guinness fell by 19 percent, Accessorp lost 12.6 percent, while MTN and UPDC shed 12.4 percent and 12.2 percent, respectively.
Analyst Perspectives
Analysts noted that the equities market maintained a strong bullish outlook supported by sustained investor confidence, rising trading activity, and broad-based sectoral gains, particularly within industrial goods, banking, and insurance stocks. They cautioned that short-term volatility may persist as investors continue profit-taking in recently rallying large-cap stocks alongside ongoing sector rotation across the market.
Despite this, market sentiment is expected to remain broadly positive, although future gains may become more selective and increasingly influenced by macroeconomic conditions, including inflation trends, interest rate direction, and foreign exchange stability.
The Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said recent trading patterns reflect a growing shift by investors into selective stocks with strong price momentum, improved earnings prospects, and speculative appeal. According to him, the performance of key equities suggests that market participants are increasingly deploying funds into specific counters rather than adopting broad-based positioning, a trend that has continued to shape overall market dynamics. He noted that sustained demand in targeted segments has helped support positive market breadth even in periods when the benchmark index closed on a bearish note, underscoring the role of stock selection in driving short-term market performance.
