By Niyi Jacobs
The Nigerian equity market experienced a significant boost last week, gaining N607bn in market capitalisation.
The All-Share Index rose by 1.06% to close at 97,456.62, while the market capitalisation increased by 1.10% to N56tn.
The growth was driven by investor interest in large-cap stocks, particularly Access Corporation and MTN Nigeria, which saw gains of 2.39% and 7.37%, respectively.
The positive trend was evident across various sectors, with consumer goods, insurance, industrial, banking, and oil & gas sectors all recording gains. The financial services industry led the way in terms of activity, accounting for 66.05% and 52.71% of the total equity turnover volume and value, respectively.
The market also saw an increase in the number of equities that appreciated, with 52 stocks recording gains, up from 36 in the previous week. Meanwhile, 31 equities saw price declines, compared to 46 in the prior week, while 68 remained unchanged.
In addition, the Federal Government’s savings bonds were listed on the Nigerian Exchange on September 12, providing a new investment opportunity for investors.
Overall, the Nigerian equity market demonstrated a strong performance last week, driven by investor interest in major stocks and a bullish trend across various sectors.
