Stock Market Gains N3.72tn WoW on Renewed Buy Interest
Kayode Tokede
The stock market section of the Nigerian Exchange Limited (NGX) closed last week on a positive note, supported by renewed buying interest across selected counters.
The NGX All-Share Index (ASI) rose by 2.36 per cent week-on-week (WoW) to close at 246,992.44 points, while market capitalisation increased by N3.72 trillion to N159.559 trillion.
The outturn was predominantly driven by gains in MTN Nigeria Communications (MTNN), Seplat Energy, Aradel Holdings and Nigerian Breweries. Accordingly, the market’s Year-to-Date (YtD) return rose to 58.72 per cent.
Market breadth remained positive, with 56 gainers against 35 losers, reflecting improved investor sentiment. Royal Exchange recorded the highest price gain of 25 per cent to close at N1.10, per share. Champion Breweries followed with a gain of 20.10 per cent to close at N11.95, while Nigerian Breweries rose by 18.80 per cent to close at N82.45, per share.
On the other hand, Beta Glass led the losers’ chart by 17.38 per cent to close at N465.00, per share. NASCOM Allied Industries followed with a decline of 15.90 per cent to close at N164.00, per share.
Meanwhile, a total turnover of 4.360 billion shares worth N210.331 billion in 223,284 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.507 billion shares valued at N123.223 billion that exchanged hands previous week in 173,561 deals.
The Financial Services Industry led the activity chart with 3.580 billion shares valued at N88.635 billion traded in 99,488 deals: contributing 82.10 per cent and 42.14 per cent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 188.039 million shares worth N15.343 billion in 24,518 deals, while the Services Industry pulled a turnover of 142.292 million shares worth N2.020 billion in 14,007 deals.
Trading in the top three equities, Fortis Global Insurance, United Bank for Africa (UBA) and Access Holdings accounted for 2.287 billion shares worth N35.232 billion in 20,975 deals, contributing 52.46 per cent and 16.75 per cent to the total equity turnover volume and value respectively.
Meanwhile, investor risk appetite is expected to remain positive this week as the Nigerian equities market positions ahead of Nigeria’s formal reclassification to ‘Frontier Market’ status.
Analysts said buying interest will likely stay concentrated in fundamentally sound stocks recently granted Frontier Market eligibility by FTSE Russell.
Looking ahead, Cowry Assets Management Limited said that “we expect a cautiously bullish outlook for the Nigerian equities market, supported by renewed buying interest and positive investor sentiment following the confirmation of Nigeria’s FTSE Russell reclassification.
“However, given the market’s strong YTD performance, some profit-taking and short-term volatility may emerge. We expect investors to remain selective, with focus on fundamentally strong and liquid counters, particularly large- and mid-cap stocks.”
This week, Cordros Securities Limited noted “we expect investor risk appetite to remain positive, with buying interest likely to remain concentrated in fundamentally sound stocks recently granted Frontier Market eligibility by FTSE Russell. Sentiment should remain supported as investors position ahead of Nigeria’s formal reclassification from ‘Unclassified’ to ‘Frontier Market’ status, effective from market open on September 21, 2026.”