The Nigerian Exchange (NGX) extended its upward rally, with investors gaining about ₦1.765 trillion over three trading sessions last week.
The gains were driven by increased demand for key stocks and improved market sentiment.
The Nigerian stock market has recorded sustained positive performance in recent sessions, reflecting renewed investor interest in equities.
Market capitalisation, which measures the total value of listed stocks, rose significantly during the period under review.
Data from the exchange showed that total market capitalisation increased to ₦129.125 trillion, up from ₦127.360 trillion recorded in the previous week.
The NGX All Share Index (ASI), a key indicator of market performance, rose by 1.4 percent to close at 201,156.86 points, compared to 198,407.30 points in the preceding week.
The market rally was supported by improved investor sentiment following a softer inflation figure for February and increased buying interest in major stocks.
Top-performing stocks during the period included:
- BUA Cement, which gained 21.0 percent
- Zenith Bank, up 14.6 percent
- Dangote Cement, which rose 1.9 percent
- Lafarge Africa (WAPCO), up 5.9 percent
These gains contributed to strengthening returns, with month-to-date returns at 4.3 percent and year-to-date returns at 29.3 percent.
Trading activity also increased during the period. Total trading volume rose by 166.2 percent week-on-week, while the total value of trades increased by 62.3 percent.
Sectoral performance was mixed. The Industrial Goods Index gained 5.7 percent, while the Oil and Gas Index rose by 1.5 percent and the Consumer Goods Index increased by 0.6 percent.
However, the Insurance Index declined by 4.6 percent, while the Banking Index dropped by 1.0 percent.
Analysts at Cordros Capital stated that investor attention is expected to shift towards corporate earnings releases and dividend announcements by major banks.
They noted:
“Investor attention is expected to shift toward corporate actions…”
Analysts at InvestData Consulting Limited also said the market may remain volatile in the short term, influenced by liquidity conditions and global developments.
The sustained rally reflects continued investor confidence in the Nigerian equities market. Increased trading activity and gains in major stocks indicate renewed interest in the capital market.
