The Nigerian Equities market is opening the new week, with a record of N1.8 trillion gained by investors in the prior week, a trend that is likely to shape trading in the new week.
The NGX equities market last week sustained its bullish momentum as investors doubled down on risk assets, largely buoyed by robust corporate earnings and declining yields in the fixed income and money markets.
The sharp drop in Treasury bill yields at the mid-week Primary Market Auction — a direct consequence of interest rate cut expectations — prompted a wave of portfolio reassessments, particularly in light of the Monetary Policy Committee’s (MPC) decision to maintain status quo on all policy parameters.
The NGX All Share Index advanced by 2.18% week-on-week, closing at 134,452.93 points, reflecting a strong wave of investor confidence and fresh buyside activity across board.
In lockstep, market capitalisation added N1.81 trillion or 2.18% to settle at N85.06 trillion, pushing the year-to-date return to 30.63%.
Market breadth remained positive at 1.40x, underscoring the broad-based optimism as 60 stocks recorded gains against 43 decliners across the five trading sessions — one more than the prior four-day week.
However, activity levels saw a sharp contraction, with volume and value of trades plunging by 78.96% and 77.65% week-on-week, respectively.
Total traded volume stood at 3.68 billion units, while turnover came in at N111.90 billion, down from 17.49 billion units and N500.76 billion in the preceding week.
The significant drop-in market activity suggests a cautious recalibration by institutional investors and portfolio managers ahead of month-end positioning.
Sectoral performance was broadly bullish, with all six key indices closing in positive territory. The NGX Industrial and NGX Insurance indices led the pack, posting week-on-week gains of 4.66% and 3.07%, respectively, driven by price appreciations in INTENEGINS, SOVRENINS, JBERGER, LAFARGE AFRICA, and BUA CEMENT.
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