The Nigerian stock market extended its winning streak as increased demand for blue-chip companies helped offset significant profit-taking. The Nigerian Exchange All-Share Index grew by 0.1%, ending the week at 245,573.60 points compared to 245,283.68 points the prior week. This growth was driven by institutional investors focusing on high-quality stocks in the banking, energy, and consumer goods sectors, even as smaller companies faced selling pressure.
Total market capitalization rose by N187 billion, settling at N158.513 trillion. Trading activity reached 5.359 billion shares valued at N139.053 billion across 261,869 transactions. The Financial Services sector dominated activity, accounting for over 64% of total volume. The Oil and Gas and ICT sectors followed in volume rankings. Notably, Japaul Gold & Ventures, Fortis Global Insurance, and FCMB Group were the most active stocks, collectively representing nearly half of the total volume traded.
Market experts at InvestData Consulting Limited noted that investors are positioning themselves for upcoming half-year financial results and potential interim dividend announcements. While macroeconomic challenges persist, institutional interest in the banking sector remains strong. Furthermore, the energy sector has benefited from rising global oil prices, supporting the broader market trend of rotating capital into fundamentally sound stocks.
