Weekly Market Wrap: Nigerian stock market gains 1.19% as All-Share Index surpasses 99,000-barrier, CONOIL and ARADEL lead the rally 

This represents a 1.19% rise from the previous week’s close of 98,210.75, showcasing robust bullish momentum and driving market capitalization to an impressive N60.2 trillion.

The rally was driven by strong performances in mid and large-cap stocks, led by the oil and gas sector, where key players like CONOIL, ARADEL, and OANDO posted significant gains.

However, the surge in prices was accompanied by a slight decline in trading activity. Market volume fell to 2.7 billion shares, reflecting a 13.29% drop from the 3.1 billion shares traded in the preceding week.

In terms of stock performance, 51 equities appreciated in value, mirroring the tally from the previous week. Meanwhile, the number of decliners rose to 35, up from 30 in the prior week.

The Nigerian stock market delivered a predominantly positive performance throughout the week, with its market capitalization surpassing the N60 trillion milestone to close at N60.2 trillion.

All-Share started the week on a negative note on Monday but quickly rebounded on Tuesday, supported by bullish price action at a daily market volume of 939 million shares. The upward trend persisted through the week, culminating in a significant surge on Friday that pushed the index above the N60 trillion market cap.

This broadly positive performance underscores investor confidence across various sectors, with oil and gas and insurance stocks leading the charge.

Leading the pack of gainers, GOLDEN GUINEA BREW. PLC. surged by 60.00%, followed by AFRICA PRUDENTIAL PLC., which rose by 59.72%. Other notable gainers included:

On the losing side, SECURE ELECTRONIC TECHNOLOGY PLC led the decline, plunging by 22.86%, followed by AUSTIN LAZ & COMPANY PLC and HALDANE MCCALL PLC, which fell by 14.74% and 11.11%. Other significant decliners included:

Outlook  

The All-Share Index surged past the 99,000 threshold, driven by positive price movements in mid- and large-cap stocks. This bullish momentum sets the stage for a potential rally towards the much-anticipated 100,000-point mark.

With strong investor confidence and robust performance across key sectors, the Nigerian equities market is poised to sustain its upward trajectory in the near term.