The Nigerian All-Share Index ended the trading week of June 27 on a strong note, gaining 1,857.54 points to close at 119,995.76.
This marks a 1.57% increase from the previous week’s close of 118,138.22, driven by a strong rally in heavyweight stocks.
Weekly trading volume also picked up pace, soaring to 3.79 billion shares compared to 3.57 billion shares traded the previous week.
Market capitalization followed suit, rising to N75.9 trillion from N74.5 trillion, reflecting the bullish momentum of the market.
The Nigerian stock market opened the week on a positive note, with bullish sentiment picking up pace on Tuesday.
Momentum peaked on Wednesday as the All-Share Index broke through the 120,000 mark, surging by 1,211.2 points.
However, the rally cooled off, with the market closing in the red on Thursday and Friday.
The NGX Premium Index gained 1.77%, powered by a 16.2% surge in ZENITH BANK, along with moderate upticks in WAPCO (+4.53%) and UBA (+2.76%).
Meanwhile, the NGX 30 Index advanced by 1.58%, reflecting broad-based strength.
Also not left behind, the NGX Main Board Index climbed 1.46% over the week, adding to the market’s overall bullish momentum.
On the flip side, the NGX Oil & Gas Index declined by 2.23%, dragged down by losses in OANDO (-7.3%) and ARADEL (-4.1%).
Leading the charge among gainers was NEIMETH INTERNATIONAL PHARMACEUTICALS PLC, which soared 60.54% week-to-date. It was followed by ELLAH LAKES PLC, up 31.33%. Other notable gainers included:
On the losers’ table, MULTIVERSE MINING AND EXPLORATION PLC led with a 9.33% week-to-date decline, followed by ASSOCIATED BUS COMPANY PLC, down 9.26%. Other notable losers included:
This week featured a series of announcements that kept investors engaged:
The Nigerian equities market kicked off the week with a blistering rally, pushing the index firmly above the 120,000 mark as large-cap stocks surged.
If the rallying stocks are not perceived as overbought and momentum continues among key large- and mid-cap names, the index is likely to extend its upward trajectory.
If the rallying stocks are not perceived as overbought and momentum continues among key large- and mid-cap names, the index is likely to extend its upward trajectory.