Nigeria’s equities market closed the trading week ended Friday, June 27 with a combined gain of about ₦1.43 trillion as investors jumped on value stocks across key sectors despite profit-taking pressure in oil and gas counters.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 1.57 percent week-on-week from 118,138.22 points in the previous week to 119,995.76 points.
Correspondingly, the market capitalisation increased from ₦74.534 trillion to ₦75.962 trillion, reinforcing the market’s positive momentum heading into the final trading sessions of June.
Market data show that banking, consumer goods, insurance and industrial goods stocks drove the overall performance, while the oil and gas sector recorded declines as investors booked profits.
The NGX Banking Index climbed 2.59 percent during the week as investors positioned in tier-one lenders and mid-sized banks on expectations of improved half-year earnings and dividend guidance.
The consumer goods index advanced by 3.73 percent, supported by renewed interest in companies with resilient fundamentals amid inflationary pressures.
The industrial goods index posted a stronger gain of 3.92 percent, largely attributed to increased buying in cement and building materials stocks.
The insurance index closed 3.67 percent higher, reflecting renewed appetite for counters that have traded at historically low valuations.
However, the oil and gas index fell by 2.23 percent, reversing some recent gains as traders locked in profits following sustained rallies in previous sessions.
Analysts note that oil-related counters may continue to face volatility in the near term, partly due to external factors impacting global crude benchmarks and domestic market adjustments.
Despite mixed trading sessions during the week, overall sentiment remained relatively stable.
Traders say appetite for fundamentally strong stocks outweighed cautious positioning and broader macro concerns, allowing the equities market to close firmly in the green zone.
The stock market’s year-to-date (YtD) return now stands at 16.58 percent, supported by an average monthly gain of 7.39 percent in June alone.
Market watchers expect the upbeat momentum in banking and consumer goods stocks to extend into the new quarter, with several companies set to release mid-year financials that could shape the direction of investor sentiment.
However, analysts caution that persistent macroeconomic challenges, including exchange rate pressures and rising inflation, may test investor conviction in the second half.
