After a challenging November, the Nigerian equities market staged a strong recovery last week, logging significant gains across major performance indicators and signalling renewed investor confidence as the year draws to a close.
Market data from the Nigerian Exchange Limited (NGX) showed that equities added N2.436 trillion in value over the five trading days, pushing the overall market capitalisation to N93.722 trillion, up from N91.286 trillion the previous week. The benchmark All-Share Index (ASI) followed the same upward trajectory, advancing 2.5% to close at 147,040.08 points, compared with 143,520.53 points earlier.
Analysts attribute the upswing to investors realigning their portfolios ahead of the traditional year-end repositioning cycle. According to market watchers, December began on a cautious note as investors reassessed valuations across key sectors, but buying interest strengthened steadily throughout the week, enabling the market to finish in positive territory.
Trading activity also reflected this renewed momentum. Investors exchanged 6.617 billion shares worth N113.224 billion in 109,590 deals, representing a notable increase in volume compared with 4.140 billion shares valued at N115.889 billion traded in 102,351 deals the previous week.
The ICT sector dominated market activity by volume, accounting for 3.500 billion shares valued at N17.759 billion across 11,184 deals—equivalent to 52.89% of total turnover volume. The Financial Services sector followed with 2.625 billion shares worth N50.188 billion, while the Services sector ranked third with 104.524 million shares valued at N1.166 billion.
Three stocks—E-Tranzact International Plc, Cornerstone Insurance Plc, and Access Holdings Plc—were particularly active, together contributing 73.60% of total turnover volume and 24.22% of total value, with a combined 4.871 billion shares worth N27.422 billion traded in 6,438 deals.
Market analysts at InvestData Consulting Limited described the week’s performance as reflective of a market where institutional investors are gradually positioning for year-end opportunities. They noted that the flow of funds has been “selective and value-driven,” with attention shifting toward stocks exhibiting solid fundamentals, improved liquidity, and favourable technical patterns.
This steady, calculated buying pattern, according to them, has helped stabilise the market, even in the face of intermittent selling pressure across certain sectors.