The Nigerian stock market extended its upward trend last week, fueled by sustained investor interest in large-cap equities. The NGX All-Share Index rose to 247,357.40 points, driven by strong performance in the banking, industrial, and consumer goods sectors. Market capitalisation increased by N2.531 trillion, ending the period at N159.588 trillion.
Investor confidence was bolstered by the news that Dangote Refinery successfully closed a $2.5 billion private equity placement, which saw significant oversubscription. This development is viewed as a positive sign for institutional interest in major Nigerian assets ahead of the company’s expected September listing.
Trading volume reached 4.433 billion shares valued at N306.143 billion, marking a substantial increase from the previous week’s figures. The financial services sector dominated activity, accounting for over 77% of total volume, partly due to heightened interest in FBN Holdings following additional share acquisitions by Olufemi Otedola. Access Holdings and Guaranty Trust Holding Company also featured among the most active stocks.
Looking ahead, analysts at InvestData Consulting Limited suggest a cautiously bullish market outlook. They anticipate a period of consolidation as investors remain focused on companies with solid fundamentals and attractive valuations.
