The Nigerian equities market closed last week’s trading at the Nigerian Exchange Platform on a positive note, buoyed by strong buying interest in oil and gas stocks, despite profit-taking activities prevailing in three out of the five trading sessions. The All-Share Index rose by 0.5% week-on-week, reaching 98,070.47 points.
Key contributors to this growth included notable gains in individual stocks such as OANDO, which surged by 10.0%, TRANSPOWER with a remarkable 19.3% increase, TRANSCOHOT at 7.8%, and DANGSUGAR, which rose by 13.1%. As a result, the month-to-date (MTD) return settled at -0.5%, while the year-to-date (YTD) return improved to +31.2%.
Trading activity levels reflected a mixed sentiment. Total trading volume experienced a significant decline of 51.3% week-on-week, indicating a slowdown in the number of shares traded. However, total trading value saw a notable surge, increasing by 135.5% week-on-week, suggesting that while fewer shares were traded, the value of transactions was higher, likely due to increased activity in high-value stocks.
Sectoral performance was varied, with both the Oil & Gas index and the Consumer Goods index advancing by 1.1% and 1.4%, respectively. In contrast, the Insurance index fell by 1.2%, and the Banking index decreased by 0.5%. The Industrial Goods index remained unchanged, closing flat for the week.
As investors navigate the mixed landscape, the Nigerian equities market shows resilience, particularly in the oil and gas sector. Market participants will be closely watching the developments in the coming weeks to gauge the sustainability of this upward momentum.
