July 26, (THEWILL) — Nigeria’s equities market closed the week on a positive note as sustained demand for banking stocks and selected blue-chip counters extended the market’s rally, adding approximately ₦2.53 trillion to investors’ wealth.
The Nigerian Exchange (NGX) All-Share Index (ASI) appreciated by 1.60 percent to close at 247,357.40 basis points, while market capitalisation advanced by 1.61 percent to settle at ₦159.588 trillion.
Investor participation also strengthened significantly, with total turnover rising to 4.433 billion shares worth ₦306.143 billion traded in 64,768 deals, compared with 2.819 billion shares valued at ₦182.499 billion exchanged in the previous week.
The Financial Services Industry maintained its dominance, accounting for 3.422 billion shares valued at ₦207.206 billion, representing 77.18 percent of total traded volume and 67.68 percent of market value. The Consumer Goods Industry followed with 201.978 million shares worth ₦17.171 billion, while the ICT sector ranked third with 169.481 million shares valued at ₦21.194 billion.
Trading activity remained concentrated in banking stocks, with First HoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc accounting for 2.151 billion shares worth ₦170.793 billion in 44,768 deals. The trio contributed 48.51 percent of total traded volume and 55.79 percent of total market value.
- Top Five Gainers
UPDC Real Estate Investment Trust appreciated by 33.33 percent, (rising from ₦10.65 to ₦14.20).
- First HoldCo Plc gained 25.59 percent, (advancing from ₦95.95 to ₦120.50).
- Unilever Nigeria Plc climbed 19.31 percent, (increasing from ₦124.00 to ₦147.95).
- Cadbury Nigeria Plc rose by 18.42 percent, (moving from ₦57.00 to ₦67.50).
- AXA Mansard Insurance Plc appreciated by 17.86 percent, (closing at ₦13.20 from ₦11.20).
Top Five Decliners
- Mecure Industries Plc declined by 26.97 percent, (falling from ₦85.45 to ₦62.40).
- Royal Exchange Plc shed 12.84 percent, (dropping from ₦1.48 to ₦1.29).
- Tripple Gee and Company Plc lost 12.34 percent, (easing from ₦3.89 to ₦3.41).
- SUNU Assurances Nigeria Plc depreciated by 10.00 percent, (slipping from ₦4.00 to ₦3.60).
- BUA Foods Plc fell by 10.00 percent, (declining from ₦939.00 to ₦845.10).
Overall market breadth improved during the week as 57 equities recorded price appreciation, compared with 44 in the previous week. Thirty-eight stocks declined, slightly higher than the 35 losers recorded a week earlier, while 51 equities closed unchanged.
Across the broader market, most sectoral indices ended higher, with the exception of the NGX Consumer Goods, NGX Lotus II, NGX Growth, NGX Sovereign Bond and NGX Commodity indices, which declined by 3.76 percent, 1.55 percent, 20.24 percent, 0.14 percent and 1.25 percent respectively.
In the fixed-income market, bond trading weakened as investors traded 189,675 units valued at ₦185.844 million, compared with 344,753 units worth ₦371.775 million in the preceding week.
Investor sentiment remained firmly positive throughout the week, supported by strong demand for banking stocks, improved liquidity and broad market participation. The positive market breadth suggests investors continued to rotate into fundamentally sound counters despite selective profit-taking in a few consumer and industrial stocks.
The market is expected to retain its positive bias in the near term as investors continue to position ahead of corporate earnings releases and other market-moving developments. However, analysts expect intermittent profit-taking following recent gains, with banking and fundamentally strong large-cap stocks likely to remain the primary drivers of market direction.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
