The Nigerian equities market, last week, sustained its bullish momentum with a gain of 2.18 per cent amid sharp drop in Treasury bill (T-bills) yields
The sharp drop in T-blls yields at the mid-week Primary Market Auction, a direct consequence of interest rate cut expectations prompted a wave of portfolio reassessments, particularly in light of the Monetary Policy Committee’s (MPC) decision to maintain status quo on all policy parameters.
The market’s benchmark indicator, the Nigerian Exchange Limited All-Share Index (NGX ASI), rose by 2.18 per cent week-on-week to close at 134,452.93 points. Similarly, the overall market capitalisation gained N1.81 trillion to close the week at N85.055 trillion.
Market breadth remained positive, underscoring the broad-based optimism as 60 stocks recorded gains against 43 decliners across the five trading sessions.
The Initiates Plc (TIP) led the gainers table by 60.82 per cent to close at N16.13, per share. Academy Press followed with a gain of 33.00 per cent to close at N9.31, while Nigerian Enamelware went up by 32.68 per cent to close to N27.00, per share.
On the other side, Secure Electronic Technology led the decliners table by 23.97 per cent to close at 92 kobo, per share. Omatek Ventures followed with a loss of 23.93 per cent to close at N1.24, while Meyer declined by 21.43 per cent to close at N16.50, per share.
Overall, a total turnover of 3.691 billion shares worth N112.261 billion in 138,250 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 17.498 billion shares valued at N500.762 billion that exchanged hands prior week in 142,082 deals.
On market outlook, analysts at Cowry Asset Management Limited said, “we expect a mixed performance in the coming week, shaped by the ongoing release of corporate earnings and typical month-end window dressing activities.
“While some profit-taking may emerge, we anticipate continued interest in fundamentally strong counters, particularly as investors respond to the MPC’s decision and shifting yield dynamics across asset classes. As always, we advise investors to maintain exposure to high-quality stocks with strong fundamentals and consistent dividend outlook.”
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