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The Nigerian equities market continued its positive momentum last week, buoyed by broad based buying interest across major sectors that led to N2.16 trillion investors return.
Also, the All-Share Index advanced by 2.37 per cent week-on-week (W-o-W) to close at 146,988.04 basis points after hitting a new 52-week high of 147,107 basis points on strong market internals.
The market’s resilience was further reflected in a stronger year-to-date return of 42.81 per cent, underscoring sustained bullish sentiment amid intermittent profit-taking. Evidence of portfolio rebalancing and selective positioning highlighted continued investor confidence in market fundamentals.
The growth was driven by renewed investor interest in fundamentally strong stocks.
For instance, the stock price of Dangote Cement Plc advanced by N49.90 per share in one week to close at N575.00 per share, while MTN Nigeria Communications Plc appreciated by N46 per share to close at N471.00 per share.
Seplat Energy increased by N537.90 per share in one week to close at N5,917.20 per share
Meanwhile, market breadth remained positive, with 51 gainers against 41 losers, indicating cautious optimism. Sovereign Trust Insurance led the gainers table by 16.73 per cent to close at N3.21, per share. Omatek Ventures followed with a gain of 12.30 per cent to close at N1.37, while AXA Mansard Insurance went up by 11.81 per cent to close to N16.10, per share.
On the other side, Livingtrust Mortgage Bank led the decliners table by 14.61 per cent to close at N5.20, per share. Neimeth International Pharmaceuticals followed with a loss of 10.96 per cent to close at N6.01, while UH Real Estate Investment Trust declined by 9.98 per cent to close at N51.85, per share.
Overall, a total turnover of 2.286 billion shares worth N90.280 billion in 138,177 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 8.403 billion shares valued at N115.501 billion that exchanged hands previous week in 115,801 deals.
Looking ahead into the new week, Cowry Asset Management Limited said, “We expect the equities market to trade in a mixed but broadly stable pattern in the near term. While improved corporate earnings and selective bargain hunting may continue to support prices, cautious investor sentiment amid high interest rates, inflationary pressures, and portfolio rebalancing could limit further upside.
“Overall, market performance will likely hinge on macroeconomic developments and policy signals from monetary authorities. Meanwhile, we continue to advise investors to position in stocks with strong fundamentals and earning power.”
On their part, analysts at Afrinvest Limited said, “looking ahead, we expect the bullish momentum to persist this week, supported by upbeat earnings releases, attractive valuations, and renewed investor appetite for risk assets amid a relatively accommodative monetary stance.”
Cordros Research added that, “Looking ahead, market sentiment is expected to remain broadly positive, driven by projections of strong third-quarter corporate earnings that could validate the underlying resilience of corporate fundamentals. At the same time, investors will closely monitor September inflation data, as further moderation could boost the probability of a MPC rate cut in November.”