Nigeria's stock market experiences a surge, soaring past the $66 billion mark in just one week. This remarkable growth of $2.5 billion is a testament to the renewed investor confidence in Africa's economic powerhouse. The All Share Index skyrocketed by 3.71%, reaching an impressive 162,298.08 points, firmly establishing the market in bullish territory. The market's upward trajectory was further solidified by surpassing the ₦100 trillion threshold, a psychological milestone symbolizing improved sentiment and a growing appetite for risk assets. The momentum intensified on Friday, with the index gaining 0.93% in a single session, resulting in a year-to-date return of 4.30%.
The driving force behind this surge was the robust performance of heavyweight banking and telecommunications stocks. MTN Nigeria, Access Holdings, GTCO, Zenith Bank, and Jaiz Bank attracted substantial demand, anchoring the gains despite a slight moderation in overall trading activity. The total turnover for the week amounted to 4.164 billion shares valued at approximately $94.03 billion, or around $61 million, across 248,254 deals. This represents a decline from the previous week's 7.821 billion shares worth $134.47 billion, or approximately $87 million.
The financial services industry dominated the trading volume, accounting for nearly two-thirds of the total. Approximately 2.65 billion shares valued at $35.96 billion, or roughly $23 million, were traded in this sector. Services and ICT followed, showcasing investors' continued interest in consumer-facing and technology-linked stocks. Universal Insurance, Linkage Assurance, and Access Holdings were the most traded by volume, collectively accounting for over 30% of total shares exchanged, even though they represented a smaller share of overall value.
The market breadth remained positive, with 84 equities recording price gains during the week, surpassing the previous week's performance, while only 22 stocks declined. Among the top gainers were mining, healthcare, and industrial-related companies, led by Multiverse Mining and Exploration. On the losing side, Aluminium Extrusion Industries and a few insurance and hospitality stocks posted declines. Exchange-traded products witnessed a slowdown in activity, with volumes and values falling sharply week-on-week. All sectoral indices closed higher, except for the Sovereign Bond Index, which ended flat.
Analysts attribute the market's resilience above the ₦100 trillion level to sustained confidence and fresh inflows, supported by bargain hunting and expectations of enhanced corporate earnings in the coming months. This positive outlook could further strengthen investor confidence and attract additional investments.
