Abiodun Jimoh
The Nigerian equities market closed the week on a bullish note, extending gains from the previous session as investors actively picked stocks across key sectors. Market activity on Friday was led by strong performances in consumer goods and industrial stocks, with notable gains recorded by Guinness Nigeria Plc (+10%), May & Baker Nigeria Plc (+9.93%), and BUA Cement (+9.18%). Other gainers included Honeywell Flour Mills (+5%), WAPCO (+4.85%), PZ Cussons (+4.17%), NEM Insurance (+3.34%), Stanbic IBTC (+3.05%), and Zenith Bank (+3.01%).
The benchmark All-Share Index (ASI) rose by 0.76% to close at 198,407.30 points, up from 196,908.76 points recorded in the prior session. Market capitalisation strengthened to N127.36 trillion, while the year-to-date (YTD) return on the ASI improved to 27.50%, indicating growing investor confidence in Nigerian equities.
Market breadth ended the session positively, with 35 gainers against 20 decliners. Stocks such as Guinness, Royalex and UPL topped the gainers’ chart, while RT Briscoe led the decliners. Notably, both Guinness and BUA Cement traded above their 52-week highs, closing at N385 and N270 respectively, reflecting strong investor appetite.
The bullish sentiment also extended to the Proshare Memorandum Index. The price-weighted return increased by 0.95% to 1,188.38 points from 1,177.19 points, while the float-adjusted return rose 0.46% to settle at 857.12 points. Analysts attributed the broad-based gains to strategic stock selection, positive investor sentiment, and a sustained interest in high-performing companies across sectors.
Investors are optimistic that the current upward momentum in the equities market could continue into the coming weeks, driven by stable macroeconomic indicators and strong corporate earnings performance.
The performance underscores the resilience of Nigeria’s stock market as a viable investment avenue, highlighting opportunities for both short-term traders and long-term investors seeking value in high-performing equities
