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By Peter Egwuatu
The Nigerian stock market extended its bullish momentum, Week-on-Week, WoW, at the close of trading last week , as sustained institutional demand for large-cap and fundamentally resilient stocks continued to drive the Nigerian Exchange Limited, NGX benchmark Index, All Share Index, ASI, and market capitalisation higher.
Specifically, investors garnered N1.359 trillion from their companies listed on the NGX as market capitalisation, which reflects the total value of stocks on the Exchange, surged to N131.165 trillion from N129.806 trillion in the previous week.
In the same vein, ASI appreciated by 1.03% to 203,770.43 points from N201,698.89 points.
The activities reflected a market still riding on strong liquidity inflows into bellwether stocks particularly across the banking, consumer goods, and industrial sectors.
Specifically, a total turnover of 3.361 billion shares worth N151.948 billion in 229,442 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.856 billion shares valued at N113.597 billion that exchanged hands the previous week in 215,287 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.303 billion shares valued at N90.467 billion traded in 98,175 deals: thus contributing 68.54% and 59.54% to the total equity turnover volume and value respectively. The Services Industry followed with 264.146 million shares worth N1.977 billion in 12,638 deals. Third place was the ICT Industry, with a turnover of 214.578 million shares worth N9.791 billion in 28,183 deals.
Meanwhile, from a broader macro perspective, developments in the global oil market continue to play a significant role in shaping investor sentiment. Concerns over the durability of the ceasefire and continued restrictions on supply flows through the Strait of Hormuz sustained the risk premium in energy markets.
For Nigeria, sustained strength in oil prices provides a supportive backdrop for fiscal stability, external reserves, and overall investor sentiment, particularly in oil-linked equities.
Commenting on the outlook, analysts at InvestData Consulting Limited, said: “Looking ahead, market direction will likely be influenced by a combination of domestic and global factors, including interest rate expectations, inflation trends, corporate earnings releases, and developments in the oil market. Investors are therefore advised to maintain a disciplined and selective approach, focusing on stocks with strong fundamentals, consistent earnings growth, and favorable technical setups.”