Nigeria’s equities market closed with a N1.692 trillion gain in the trading week ended Friday, 9th May on rising demand across key sectors like consumer goods, banking and oil & gas.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 2.54 percent to close at 108,733.40 points, up from the previous week’s close of 106,042.57 points.
Similarly, the market capitalisation appreciated to N68.339 trillion from N66.647 trillion to reflect renewed market confidence and a broad-based recovery across listed equities.
Investor appetite remained strong throughout the week with the market recording four positive sessions out of five trading days.
The rally was supported by sectoral performance gains led by the NGX Consumer Goods Index advanced 5.41 percent followed by the NGX Oil & Gas Index (+3.98%), NGX Banking Index (+3.09%), NGX Industrial Index (+1.09%) and the NGX Insurance Index with a 0.99 percent gain.
The market’s performance pushed its month-to-date (MtD) return to 2.77 percent while the year-to-date (YtD) return improved to 5.64 percent, reinforcing the positive outlook despite recent macroeconomic concerns.
“With major earnings releases behind us, investor focus has shifted to liquidity flows and portfolio rebalancing,” analysts at Vetiva Research noted in a May 8 briefing.
The upward trend reflects improved sentiment, supported by attractive valuations, dividend positioning and expectations of improved liquidity conditions.
Analysts anticipate that investor positioning in defensive and high-dividend stocks may continue in the short term while overall market direction will be shaped by macroeconomic policy signals and capital flow trends.
As the market heads into the second half of the month, investor attention is expected to remain focused on monetary policy developments, FX stability and inflation trajectory.
