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The Nigerian equity market experienced a notable surge last week, gaining N607 billion in market capitalization, largely driven by strong buying interest in major stocks like Access Corporation and MTN Nigeria.
The All-Share Index rose by 1.06%, closing at 97,456.62 points, while market capitalization increased by 1.10% to reach N56 trillion. All indices posted gains except for the Growth Index, which fell by 0.03%, and the Alternative Securities Market Index, which remained unchanged.
Investor enthusiasm was particularly evident in Access Corporation, which saw a gain of 2.39%, and MTN Nigeria, which surged by 7.37%.
Across different sectors, the market displayed a bullish trend, with significant gains in the consumer goods sector (1.47%), insurance (1.59%), industrial (0.17%), banking (5.12%), and oil & gas (2.00%).
In terms of trading activity, the financial services sector led the market, accounting for 1.71 billion shares valued at N26.99 billion traded over 19,277 deals. This sector contributed 66.05% of the total equity turnover volume and 52.71% of the total value. The oil and gas sector followed closely, with 332.83 million shares worth N12 billion exchanged across 9,956 deals. The services sector ranked third, trading 146.19 million shares valued at N530.54 million in 3,404 deals.
The top three equities by volume included Jaiz Bank, Zenith Bank, and Japaul Gold & Ventures, collectively contributing 36.68% and 21.65% to the total turnover, with a combined 947.86 million shares worth N11.08 billion traded across 4,822 deals.
During the week, a total of 43,535 units valued at N13.48 million were traded in 122 deals, showing an increase from the 23,881 units valued at N8.24 million traded the previous week.
Overall, 52 equities recorded gains, a rise from 36 the prior week, while 31 equities saw price declines, compared to 46 in the previous week. Additionally, 68 equities remained unchanged, slightly down from 69 earlier.
In a related development, the Federal Government’s savings bonds were listed on the Nigerian Exchange on September 12.
In contrast, the local bourse had lost N83 billion in the previous week, as the All-Share Index and market capitalization dipped by 0.15% due to sell-offs in large-cap stocks
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