The Nigerian equities market continued its impressive rally last week, gaining ₦1.7 trillion in market capitalisation as renewed investor confidence and solid macroeconomic fundamentals fueled strong buying activity. The market’s bullish momentum pushed the All-Share Index (ASI) up by 2.49% week-on-week, closing at an all-time high of 111,742.01 points.
During the week, the ASI briefly crossed the psychological 112,000-point mark for the first time ever, hitting a record 112,237.26 points before mild profit-taking moderated gains. Market capitalisation also surged by 2.49%, reaching an unprecedented ₦70.46 trillion, underscoring the resilience of the Nigerian Exchange (NGX) despite broader global uncertainties.
The performance reflected a surge in trade value by nearly 60% to ₦119.19 billion, showing a clear shift towards accumulation of high-value equities, especially blue-chip and large-cap stocks with strong fundamentals. However, there was a 3.51% decline in volume of shares traded to 3.78 billion units, and a 14.9% drop in the number of executed deals, now standing at 89,380—suggesting that investors are becoming more selective and quality-driven.
Sector-wise, the consumer goods sector led with a 3.78% weekly gain, driven by renewed interest in food and beverage stocks. Insurance and banking indices also showed modest gains of 1.02% and 0.66%, respectively, supported by price recoveries in top-tier financial institutions. Meanwhile, industrial and commodity stocks registered minor advances, while the oil and gas sector declined by 2.05% due to profit-taking in Seplat, MRS Oil, and Conoil.
Among the week’s top-performing stocks were:
Universal Insurance Plc (+35.3%)
Red Star Express Plc (+24%)
Omatek Ventures (+20%)
ABC Transport (+18.5%)
Northern Nigeria Flour Mills (+17%)
Other gainers included Airtel Africa, NAHCO, Aradel, Okomu Oil, Honeywell Flour Mills, Livestock Feeds, Ecobank Transnational Inc., AXA Mansard, Zenith Bank, and Fidelity Bank. These gains were supported by improved earnings expectations, upcoming corporate actions, and positive sectoral developments.
However, not all stocks fared well. Abbey Mortgage Bank recorded the biggest weekly loss, shedding 26.9%. Other laggards included Legend Internet, Enamelware, International Medical Group, and Multiverse Mining and Exploration, which posted double-digit declines.
In total, 3.8 billion shares worth ₦119.4 billion were traded across 89,636 transactions, higher in value but slightly lower in volume and deal count compared to the 3.9 billion shares worth ₦74.8 billion traded in 105,220 deals the previous week.
The financial services sector dominated the activity chart, accounting for 2.7 billion shares worth ₦79.8 billion across 36,458 deals, representing 72.3% of total volume and 66.8% of total value. The consumer goods sector followed, with 201.8 million shares worth ₦7.6 billion traded in 11,922 deals, while the services sector recorded a turnover of 173.7 million shares valued at ₦1.7 billion in 6,385 deals.
Among individual equities, United Bank for Africa (UBA), Fidelity Bank, and Access Holdings Plc topped the trading charts. Combined, they accounted for 1.9 billion shares worth ₦61.5 billion in 12,443 deals, contributing over 51.2% of total turnover by volume.
Looking forward, analysts expect the bullish momentum to continue, especially as the market approaches the end of Q2, a period typically marked by strategic accumulation by institutional investors ahead of half-year earnings season. Stocks with strong balance sheets, resilient earnings, and dividend potential are expected to remain at the centre of investment strategies.
Analysts at Cowry Asset Management expressed optimism about the market’s near-term outlook. They noted that supportive macroeconomic fundamentals, combined with pro-growth policy signals, create a conducive environment for equities to continue their upward trajectory. However, they also urged caution as valuations rise, advising investors to focus on quality and fundamentals to preserve long-term value.
The market’s current rally is seen as sustainable, provided that corporate earnings remain strong and policy stability is maintained. With global and local headwinds still looming, investors are advised to stay informed and diversify across sectors to manage potential risks.
