September 28, (THEWILL) — The Nigerian equities market closed the week ended Friday, September 26, on a mildly positive note, buoyed by gains in select mid- and small-cap stocks despite a bearish start.
The week’s performance reflects cautious optimism among investors who continue to position selectively in anticipation of broader economic cues and sector-specific opportunities.
The benchmark NGX All-Share Index (ASI) rose by 0.20% week-on-week, climbing from 141,843.35 points to close at 142,133.00 points. Market capitalisation also advanced, gaining N230 billion or 0.26%, from N89.74 trillion to N89.97 trillion.
Trading opened the week on a subdued tone as the market dipped on Monday due to profit-taking in large-cap stocks, despite isolated gains in financial and ICT tickers. The ASI fell by 0.24% to 141,498.22 points, while market capitalisation dropped by 0.25% to N89.52 trillion.
Top performers at the beginning of the week included Royal Exchange, which gained 9.8%, NSL Tech with a 6.67% increase, CHAMS rising by 6.13%, Prestige Assurance gaining 5.75% and DAAR Communications which appreciated by 5.66%. These gains reflected positive sentiment in specific sectors, though broader market weakness kept the day’s performance negative. Monday’s session ended with 28 decliners outpacing 22 gainers.
By Friday, sentiment improved as the market recorded 36 gainers against 22 losers, indicating a shift in investor appetite. This rebound helped the ASI and market cap reverse earlier losses and close the week in green.
Several stocks remained flat, including DEAPCAP, LEGENDINT, PRESTIGE, TANTALIZER, and TRANSCORP — reflecting consolidation and low investor activity in those counters.
Market Activity for the Week
The equity market recorded a turnover of 7.684 billion shares worth N494.126 billion, significantly higher than the previous week’s 2.735 billion shares valued at N85.197 billion.
The financial services industry dominated with 6.399 billion shares worth N71.807 billion, contributing 83.27% and 14.53% to total equity turnover volume and value respectively. The oil and gas industry followed with 730.517 million shares worth N391.364 billion, while the services industry traded 128.647 million shares valued at N962.909 million.
In terms of indices, most finished higher with the exception of NGX CG, NGX Pension, NGX Insurance, NGX MERI Growth, NGX Oil and Gas, NGX Lotus II, NGX Pension Broad, and NGX Commodity Indices, which depreciated by 0.08%, 0.15%. 0.91%, 0.35%, 1.62%, 0.52%, 0.07% and 0.91% respectively. The NGX ASeM and NGX Sovereign Bond indices closed flat.
Furthermore, the week recorded 32 equities that appreciated, down from 40 in the prior week. 51 equities depreciated, higher than 41 previously, while 64 remained unchanged compared with 66 in the prior week.
Top Gainers of the Week
The leading gainer was THOMAS WYATT PLC, which appreciated by 22.68% (from N2.68 to N3.30). Other strong performers included:
- SECURE ELECTRONIC TECHNOLOGY: up 21.33% (from N0.75 to N0.91).
- MECURE INDUSTRIES PLC: rose 20.83% (recording an upward movement from N21.60 to N26.10).
- CHELLARAMS PLC: advanced 11.30% (climbed up N14.60to N16.25).
- ROYAL EXCHANGE PLC: gained 10.29% (appreciating from initial price of N2.04 to N2.25).
Top Decliners of the Week
WEMA BANK led with a loss of -12.41% (opened at N20.55 and closed at N18.00).
FIDELITY BANK PLC with a dip of -11.08% loss (downward movement from N20.75 to N18.45).
ETERNALLY PLC declined by -10.00% (depreciated from N31.00 to N27.90).
IKEJA HOTEL PLC saw a decline of -9.8% ( drop from N22.95 to N20.70).
AFRICA PRUDENTIAL PLC drop of -9.09% (opened at N15.95 and closed at N14.50).
Despite the week’s modest uptick, the breadth of decliners signals lingering caution. Investors may continue to see choppy sessions ahead, with opportunities in mid-cap counters and dividend-yielding stocks. Macro cues such as FX stability, inflation control, and fiscal clarity will remain the key drivers for sustained upside.
***Written by Ogochukwu Onwaeze.
