Nigerian Equities Market Surges as Investors Gain N409 Billion Amidst Policy Shifts

The equities market closed in the green last week as investors pocketed N409 billion.

The All-Share Index surged by 1.12 percent to settle at 67,200.69 index points while the market capitalization of listed equities climbed by 1 percent to N36.919 trillion.

The Exchange year-to-date return for the All-Share Index rose to an impressive 31.12 percent.

Analysts at Cowry Assets Management Limited in their weekly report said, “Market remained in a consolidation range with low trading volume and a positive market breadth. The positive trend was driven by increasing expectations for the Q3 earnings season, despite macroeconomic policy uncertainties and corporate announcements of closed periods.”

Four out of five trading sessions saw bullish outcomes, underlining the market’s robust performance.

The various sectors displayed mostly positive outcomes with the exception of NGX Consumer Goods, NGX Banking, NGX AFR Bank Value, NGX MERI Growth, and NGX Sovereign Bond, which saw minor depreciations.

Trading activities exhibited a dynamic shift with over 1.470 billion shares valued at N24.431 billion traded in 29,683 deals.

The Financial Services Industry was the dominant contributor to these figures, representing 63.25 percent of total equity turnover volume and 53.00 percent of total equity turnover value.

Access Holdings Plc, Neimeth International Pharmaceutical Plc, and Fidelity Bank Plc emerged as the top three stocks for the week, contributing significantly to the total equity turnover volume and value.

Some standout performers included BUA Cement, CHI Plc, Nigerian Breweries, and Dangote Sugar, with their share prices soaring.

Amidst this optimism, analysts predict a week of mixed sentiments in the market, driven by bargain hunting and portfolio repositioning.

Investors are closely watching the inflation figures for September and the release of Q3 corporate earnings reports, while the Central Bank of Nigeria’s recent decision to lift the ban on forex provision for several key items is expected to boost liquidity in the forex market, potentially eliciting positive reactions from foreign investors.