NGX Posts 6.35% Weekly Gain as 60 Stocks Advance, International Breweries Leads Rally
By Aboki Forex —
The Nigerian Exchange closed the week on a strong note, with the All-Share Index rising 6.35% as investor confidence returned to the market. Market capitalisation climbed to N156.445 trillion, driven by renewed buying interest in banking and consumer goods stocks.
Market Breadth Turns Positive as 60 Stocks Gain
Data from the Nigerian Exchange showed that the All-Share Index advanced to 243,798.76 points by the end of the week. Market sentiment improved significantly, with 60 stocks recording price gains against 28 losers. This compares favourably with the previous week, which had 22 gainers and 57 losers. Fifty eight equities closed unchanged, down from 67 in the preceding week.
Financial Services Sector Dominates Trading
A total of 3.648 billion shares valued at N220.568 billion were traded in 251,861 deals during the week. This compares with 3.821 billion shares worth N154.393 billion exchanged in 258,567 deals in the previous week. Although trading volume declined slightly, the value of transactions jumped significantly, indicating stronger demand for higher-priced equities.
The Financial Services sector dominated market activity, recording 2.899 billion shares valued at N147.360 billion in 106,603 deals. The sector accounted for 79.48% of total trading volume and 66.81% of total trading value. The Services sector followed with 164.914 million shares worth N3.615 billion, while the Consumer Goods sector ranked third with 157.451 million shares valued at N7.777 billion.
Top Gainers and Losers for the Week
International Breweries Plc emerged as the week's biggest gainer, rising from N9.50 to N13.30, a gain of N3.80 or 40.00%. RT Briscoe Plc followed with a 32.02% increase to N13.40, while Livestock Feeds Plc gained 28.47% to close at N9.25. First HoldCo Plc added N14.20 to reach N69.20, a 25.82% gain, and Abbey Bank Plc rose 23.65% to N9.15.
Other notable gainers included UPDC Real Estate Investment Trust, up 22.41% to N10.65; Honeywell Flour Mill Plc, up 21.43% to N17.00; FTN Cocoa Processors Plc, up 21.13% to N9.00; Aradel Holdings Plc, up 19.67% to N1,526.80; and C & I Leasing Plc, up 19.63% to N6.40.
On the losing side, McNichols Plc fell 28.57% to N5.00, the steepest decline. Thomas Wyatt Nigeria Plc dropped 11.64% to N2.43, while Geregu Power Plc shed 10.00% to N825.70. CAP Plc declined 9.99% to N157.60, and Guinness Nigeria Plc fell 9.99% to N329.00. Ecobank Transnational Incorporated lost 9.98% to N85.70, Mecure Industries Plc dropped 9.96% to N85.45, and Haldane McCall Plc declined 9.95% to N3.53.
Banking Stocks Drive Trading Activity
Trading activity was largely driven by First HoldCo Plc, Zenith Bank Plc, and Fidelity Bank Plc. The three banking stocks jointly accounted for 1.745 billion shares worth N121.828 billion traded in 31,053 deals. They contributed 47.85% of total equity turnover volume and 55.23% of total turnover value during the week.
For Nigerian investors, the strong market performance signals renewed confidence in equities, particularly in the banking sector. The significant increase in transaction value despite lower trading volume suggests that capital is flowing into higher-priced stocks, which could support further gains if the positive sentiment holds.