The Nigerian stock market extended its winning streak into the 10th consecutive week, as the All-Share Index (ASI) surged by 6,810.12 points to close at 141,263.05, its highest level ever.
Starting the week ended August 1 on a strong note, the All-Share Index surged past the 140,000 and 141,000 levels, driven by impressive gains in premium stocks.
Investor participation ramped up notably, with trading volume hitting 4.8 billion shares, up from 3.6 billion in the prior week, signaling heightened activity across the board.
Reflecting the positive sentiment and strong price action, market capitalization jumped to N89.37 trillion, a significant rise from the N85.05 trillion recorded the week before.
The Nigerian stock market continued its remarkable rally, closing every single day of the week in positive territory.
The NGX Premium Index stood out with a 9.21% gain, driven by strong performances from MTN Nigeria, which jumped 20%, and Lafarge Africa, which rose 19%. DANGOTE CEMENT also advanced by 7.16%.
NGX 30 Index outperformed the broader market with a 5.13% weekly gain, while the NGX-Main Board Index stood at 2.80%.
On the downside, the NGX Oil & Gas and NGX Insurance indices slipped by 0.48% and 1.22% respectively.
UACN PLC led the pack among gainers, surging 60.69% week-to-date in a standout performance. MECURE INDUSTRIES PLC followed closely with a 41.52% gain.
Other major gainers included:
ABBEY MORTGAGE BANK PLC led the decliners, falling 34.13% week-to-date. FTN COCOA PROCESSORS PLC followed with a 20.30% drop.
Other notable losers included:
The week featured a flurry of corporate announcements and financial disclosures, many of which likely influenced price movements:
The Nigerian All-Share Index is firmly on a bullish trajectory, having broken through the 140,000 mark accompanied by rising investor participation.
If the rally in select heavyweight stocks continues and the market avoids being seen as overbought, the positive momentum is likely to carry on in the near term.