The Nigerian All-Share Index closed the week ended September 12 on a positive note, advancing by 1,565.68 points to settle at 140,545.69, ending a four-week losing streak.
This marks a 1.13% rise from 138,980.01 in the previous session, supported by gains in LAFARGE, ARADEL, and select FUGAZ banks that drove the rally.
Trading activity also picked up, as weekly market volume jumped to 3.19 billion shares, up from 3.11 billion the week before.
Market capitalization mirrored this bullish momentum, adding nearly a trillion to close at N88.92 trillion, compared to N87.93 trillion previously.
Market breadth further highlighted the positive sentiment:
The All-Share Index kicked off a bullish run after four consecutive weeks of losses, closing higher as it rebounded from the previous week’s decline.
Momentum carried the market from a strong open on Monday through Thursday before easing on Friday with a dip of 111.6 points.
Key highlights
Sectoral performance
Top gainers
Leading the pack was E-TRANZACT INTERNATIONAL PLC, which soared 45.15% week-to-date, marking a standout performance. REGENCY ASSURANCE PLC followed with a gain of 27.69%.
On the flip side, UNION DICON SALT PLC led the laggards, shedding 18.33% week-to-date. THOMAS WYATT NIG. PLC followed with a 16.33% drop.
Other notable decliners were:
The week featured several notable corporate announcements and sector-wide developments:
Market outlook
The bullish momentum in the All-Share Index snapped a four-week losing streak, signaling renewed strength in select stocks.
The bullish momentum in the All-Share Index snapped a four-week losing streak, signaling renewed strength in select stocks.
Sustained buying interest in the big FUGAZ banks, coupled with fresh momentum in oil and gas counters, will be vital for the index to push higher.