Nigeria’s equities market extended its upward trajectory on Thursday for the fourth consecutive positive close this week as improved investor sentiment continued to drive selective buying across key counters.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 0.35 percent to close at 109,231.96 points, up from the previous day’s 109,000.19 points.
Similarly, the market capitalisation increased by N145 billion to N68.652 trillion from N68.507 trillion.
On a week-to-date basis, the NGX has advanced by 3.01 percent, while the month-to-date return stands at 3.24 percent. Year-to-date return rose to 6.13 percent on the back of sustained interest in fundamentally sound stocks and renewed confidence in the macroeconomic outlook.
A total of 554.07 million shares valued at N14.35 billion were exchanged in 16,704 deals on Thursday.
Fidelity Bank, Access Holdings, Tantalizers, GTCO and First Holdco were among the most actively traded stocks by volume and value.
Beta Glass led the list of top gainers, appreciating by 10 percent from N146.05 to N160.65. Chellaram followed with a 10 percent gain, rising from N8.60 to N9.46.
Other major advancers included International Energy Insurance, which increased from N1.51 to N1.66 (up 9.93 percent), May & Baker which rose 9.78 percent to close at N10.10, and Academy Press, gaining 9.78 percent to settle at N3.93.
“Investor sentiment remains positive… We expect a continuation of selective buying, though gains may moderate as the week winds down. Overall, market tone remains positive in the absence of adverse macro triggers,” analysts at Vetiva Research stated in their May 7 note.
The sustained rally reflects a broader market expectation of economic stability and improving corporate earnings outlook in the first half of 2025.
Market participants have continued to rotate into stocks with strong fundamentals, particularly in the banking, industrial and consumer goods sectors.
The performance of the NGX this week signals continued investor appetite in the absence of liquidity constraints or negative policy signals.
Analysts maintain a cautiously optimistic view for the short term while positioning for earnings season and macroeconomic updates in the coming weeks.
