Equities Gain N1.5trn As Market Cap Hits N163.66trn

The Nigerian equities market closed the week on a positive note, as renewed buying interest in selected stocks lifted market capitalisation by N1.50 trillion to N163.66 trillion.

The benchmark NGX All-Share Index (ASI) rose by 0.92 per cent week-on-week to close at 252,113.41 points, pushing the market’s year-to-date (YTD) return to 62.01 per cent.

The positive performance was largely driven by buying interest in Seplat Energy, Dangote Cement, Zenith Bank and Guaranty Trust Holding Company (GTCO).

However, market breadth remained negative during the week, with 60 gainers against 71 losers, indicating mixed investor sentiment despite the overall rise in the benchmark index.

Critical Minerals Financing Corp (CMFC) led the gainers’ table with a 59.80 per cent increase to close at N3.26 per share. Thomas Wyatt Nigeria followed with a 28.26 per cent gain to N2.95, while UPDC rose by 24.19 per cent to N3.85 per share.

On the decliners’ side, Haldane McCall led the losers with a 16.67 per cent decline to close at N3.00 per share. Champion Breweries followed with an 11.87 per cent loss to N9.65, while TotalEnergies Marketing Nigeria shed 10.00 per cent to close at N518.40 per share.

Trading activity also increased in volume, with investors exchanging 4.689 billion shares worth N240.824 billion in 261,198 deals during the week.

This compared with 3.249 billion shares valued at N237.986 billion traded in 287,919 deals in the previous week.

Looking ahead, Cowry Asset Management Limited said the equities market is expected to remain cautiously positive, supported by sustained demand for fundamentally strong stocks and continued interest in the banking and oil and gas sectors.

The investment firm, however, noted that the negative market breadth and mixed trading activity could encourage investors to remain selective in the near term.

It said market sentiment would be influenced by corporate earnings, macroeconomic developments and sector-specific catalysts, while profit-taking could moderate further gains following the market’s strong year-to-date performance.