NGX rallies 1.6% as banking stocks drive weekly gains
By Aboki Forex —
The Nigerian Exchange closed the week with its All-Share Index climbing 1.60% to 247,357.40 points. Market capitalisation also rose 1.61%, settling at N159.588 trillion. Banking stocks led the charge, with First Holdco Plc, Access Holdings Plc, and GTCO Plc accounting for nearly half of total trading volume.
Heavy trading volumes and value
Total equity turnover for the week reached 4.433 billion shares, valued at N306.143 billion across 255,589 deals. This is a sharp jump from the previous week, when 2.819 billion shares worth N182.499 billion changed hands in 226,729 deals. The Financial Services industry dominated activity, with 3.422 billion shares valued at N207.206 billion traded in 117,545 deals. That sector alone accounted for 77.18% of total equity turnover by volume and 67.68% by value.
Consumer Goods came second, recording 201.978 million shares worth N17.171 billion in 28,666 deals. The ICT industry placed third with 169.481 million shares valued at N21.194 billion across 23,107 deals. First Holdco Plc, Access Holdings Plc, and GTCO Plc were the most actively traded equities, together accounting for 2.151 billion shares worth N170.793 billion in 44,768 deals. Combined, these three stocks represented 48.51% of total trading volume and 55.79% of total trading value for the week.
Sectoral index moves and top gainers
Most sectoral indices closed higher, though five indices declined. The NGX Consumer Goods Index fell 3.76%, the NGX Lotus II Index dropped 1.55%, the NGX Growth Index lost 20.24%, the NGX Sovereign Bond Index slipped 0.14%, and the NGX Commodity Index declined 1.25%. Market breadth improved as 57 equities recorded gains during the week, up from 44 in the previous trading week.
Top gainers included UPDC REIT, which rose from N10.65 to N14.20, a gain of N3.55 or 33.33%. First Holdco Plc added N24.55 to close at N120.50, up 25.59%. Unilever Nigeria Plc gained N23.95 to N147.95, a 19.31% rise. Cadbury Nigeria Plc increased N10.50 to N67.50, up 18.42%. AXA Mansard Insurance Plc rose N2.00 to N13.20, a 17.86% gain.
On the losing side, Mecure Industries Plc dropped N23.04 to N62.40, down 26.97%. Royal Exchange Plc fell N0.19 to N1.29, a 12.84% decline. Tripple Gee & Company Plc lost N0.48 to N3.41, down 12.34%. Sunu Assurances Nigeria Plc shed N0.40 to N3.60, a 10.00% drop. BUA Foods Plc declined N93.90 to N845.10, also down 10.00%.
Separately, Legit.ng reported that BUA Cement declared a N10.00 dividend per share, approved at its 10th Annual General Meeting in Abuja. Chairman Abdul Samad Rabiu, who holds a 56.03% stake in the company, is set to receive N189.74 billion in dividends from his 18.974 billion shares.
For Nigerian businesses and investors, the rally driven by banking stocks signals renewed confidence in the financial sector. The broader market breadth, with more gainers than the prior week, suggests improving sentiment. However, losses in the growth and consumer goods indices point to caution in those areas. The naira and overall economic outlook will depend on sustained investor participation in coming weeks.