ICT, Banking Stocks Lift Nigerian Market by ₦2.44 Trillion
Nigeria’s equities market staged a strong rebound last week as investors pocketed about ₦2.44 trillion in gains, fuelled by robust activity in the ICT and banking sectors. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) climbed 2.45 per cent to close at 147,040.08 points, while market capitalisation rose 2.67 per cent to ₦93.722 trillion.
Trading volume surged, with 6.617 billion shares worth ₦113.224 billion exchanged across 109,590 deals — a notable increase from the prior week’s 4.14 billion shares in 102,351 deals.
The ICT sector emerged as the most active by volume, accounting for 3.5 billion shares valued at ₦17.759 billion traded in 11,184 deals representing over half (52.9%) of total turnover volume.
The financial services sector followed, with 2.625 billion shares worth ₦50.188 billion exchanged in 42,574 deals.
On the price front, 55 equities recorded gains during the week, up from 38 the previous week, while 29 stocks declined (down from 36).
Sectoral indices largely trended upward: the industrial goods index led with a 7.38 per cent rise, followed by a 5.50 per cent jump in the premium index. In contrast, the Oil & Gas and Commodity indices fell marginally, by 0.57 percent and 0.30 percent respectively.
Analysts attribute the rally to year-end portfolio repositioning and renewed investor confidence, particularly among institutional investors shifting into sectors perceived as having strong long-term potential.
The aggressive buying in ICT and banking counters including heavy trades in names such as E‑Tranzact International Plc, Cornerstone Insurance PLC and Access Holdings Plc helped lift overall market sentiment.
Looking ahead, market watchers expect continued momentum through December, as investors seek to lock in gains ahead of year-end, though they warn that profit-taking and portfolio adjustments could introduce volatility.
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