February 22, (THEWILL) — The Nigerian equities market recorded another impressive performance last week, extending its bullish momentum as strong liquidity inflows and sustained investor demand pushed key indicators significantly higher. Broad-based buying across major sectors supported price appreciation, reinforcing positive market sentiment despite pockets of profit-taking.
The NGX All-Share Index appreciated by 6.95 percent to close the week at 194,989.77, while market capitalisation advanced to ₦125.164 trillion, reflecting continued capital inflows into equities.
Similarly, most sectoral indices finished higher during the week, with the exception of the NGX Growth Index which declined by 15.06 percent, while the NGX Sovereign Bond Index closed flat.
Investor participation strengthened considerably during the week. A total turnover of 7.662 billion shares worth ₦252.566 billion in 345,118 deals was traded last week on the floor of the Exchange, compared with 4.652 billion shares valued at ₦193.326 billion exchanged in the previous week. The sharp increase in both volume and value underscores improved trading activity and heightened investor engagement.
Sectoral performance showed strong dominance by financial stocks. The Financial Services Industry (measured by volume) led the activity chart with 5.625 billion shares valued at ₦113.599 billion traded in 129,729 deals, contributing 73.41% and 44.98 percent to the total equity turnover volume and value respectively.
The Services Industry followed with 493.131 million shares worth ₦5.866 billion, while the Oil and Gas Industry ranked third with 425.657 million shares valued at ₦35.742 billion, reflecting continued investor interest in energy-related counters.
Trading activity was heavily concentrated in a few bellwether stocks. Trading in the top three equities, namely FCMB Group Plc, Access Holdings Plc and Zenith Bank Plc (measured by volume), accounted for 3.594 billion shares worth ₦69.147 billion, contributing 46.90% and 27.38% to the total equity turnover volume and value respectively.
Market breadth remained positive but showed a slight moderation compared to the previous week. A total of 71 equities appreciated, lower than 79 equities recorded in the prior week. Meanwhile, 41 equities depreciated, higher than 27 equities previously, while 36 equities remained unchanged, lower than 42 recorded in the preceding week. This suggests that while bullish sentiment persisted, some degree of price correction and portfolio rebalancing also occurred.
Top Five Gainers
- ZICHIS AGRO ALLIED INDUSTRIES PLC 60.74 percent (N10.80 to M17.36).
- JAPAUL GOLD & VENTURES PLC added 60.16 percent (N2.51 to N4.02).
- INFINITY TRUST MORTGAGE BANK PLC 59.09 percent (N9.90 to N15.75).
- FORTIS GLOBAL INSURANCE PLC appreciated 53.85 percent (increasing from N0.39 to N0.60).
- JAIZ BANK PLC grew by 32.53 percent (N8.30 to N11.00).
Top Five Losers
- R T BRISCOE PLC dipped by -20.78 percent (N17.42 to N13.80).
- MECURE INDUSTRIES PLC -18.99 percent (from N104.00 to N84.25).
- TRIPPLE GEE AND COMPANY PLC recorded a -17.14 percent loss (N6.65 to N5.40).
- SOVEREIGN TRUST INSURANCE PLC depreciated by -17.14 percent (N2.80 to N2.32).
- ELLAH LAKES PLC lost -14.67 percent (N15.00 to N12.80).
Activity in the fixed income segment also improved during the week. A total of 246,779 units valued at ₦256.629 million were traded in 39 deals, compared with 163,354 units valued at ₦164.253 million transacted in the previous week, indicating renewed participation in the bond market.
Overall, the week’s performance reflects sustained investor confidence supported by liquidity rotation into banking, insurance, and mid-cap stocks. The strong index expansion alongside increased turnover suggests that institutional participation remained active, while retail investors also capitalised on momentum opportunities across the market.
Looking ahead, sentiment is expected to remain cautiously optimistic. Continued liquidity inflows and sector rotation could sustain the upward trend, particularly within Financial Services and Oil & Gas counters. However, intermittent profit-taking may emerge following the recent rally, especially in stocks that recorded sharp price appreciation.
Nonetheless, the broader market tone remains constructive, with fundamentals and liquidity conditions continuing to provide support for equities in the near term
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
