- Nigeria’s equity market gained $2.5bn last week, lifting total market capitalisation above $66bn.
- Banking and telecom stocks, including MTN Nigeria and Access Holdings, led the bullish rally.
- Trading volumes moderated compared with the previous week, though market breadth remained strongly positive.
- Analysts say investor confidence could attract more inflows as the market sustains gains above key psychological levels.
Data from the <a href="https://usglobalxpress.com/nigerian-stocks-extend-rally-as-banking-giants-dominate-trading-and-returns-top-40/” title=”Nigerian stocks extend rally as banking giants dominate trading and returns top 40%”>Nigerian Exchange showed that total market capitalisation rose by ₦3.84tn,equivalent to roughly $2.5bn, to close the week at ₦103.78tn, or about $67bn
The benchmark All Share Index advanced by 3.71 percent week on week to 162,298.08 points, pushing the market firmly into bullish territory
The rally was significant enough to lift the equities market above the ₦100tn threshold during the week, a psychological milestone analysts say reflects improving sentiment and growing appetite for risk assets
Momentum strengthened further on Friday, when the index gained 0.93 percent in a single session, taking the year-to-date return to 4.30 percent
Trading during the week was driven largely by heavyweight names in banking and telecommunications. MTN Nigeria, Access Holdings, GTCO, Zenith Bank, and Jaiz Bankattracted strong demand, helping to anchor gains despite a moderation in overall trading activity
Total turnover declined compared with the previous week, with 4.164bn shares valued at ₦94.03bn, or about $61m, exchanged in 248,254 deals. This was down from 7.821bn shares worth ₦134.47bn, around $87m, traded a week earlier. Market activity was mixed across the five sessions, peaking midweek before easing toward Friday
The financial services industry dominated activity, accounting for nearly two-thirds of total trading volume. About 2.65bn shares valued at ₦35.96bn, or roughly $23m, were traded in the sector. Services and ICT followed, reflecting continued investor interest in consumer-facing and technology-linked stocks
Universal Insurance, Linkage Assurance, and Access Holdings were the most traded by volume, jointly accounting for more than 30 percent of total shares exchanged, though they represented a smaller share of overall value
Market breadth remained firmly positive as eighty-four equities recorded price gains during the week, outpacing the previous week’s performance, while only 22 stocks declined
Mining, healthcare, and industrial-related names featured prominently among the top gainers, led by Multiverse Mining and Exploration
On the losing side, Aluminium Extrusion Industries and a handful of insurance and hospitality stocks posted declines
Activity in exchange-traded products slowed, with volumes and values falling sharply week-on-week. All sectoral indices closed higher, except for the Sovereign Bond Index, which ended flat
In corporate developments, First HoldCo listed additional shares following a private placement, lifting its total issued shares to 44.45bn
Analysts said the market’s ability to stay above the ₦100tn level could help sustain confidence and attract fresh inflows, supported by bargain hunting and expectations of improved corporate earnings in the months ahead