Stock Market Gains N187bn W-o-W  on Positive Sentiment 

Kayode Tokede 

The stock market section of the Nigerian Exchange Limited (NGX) closed last week on a positive note, advanced by N187 billion buoyed by positive investor sentiment across key counters.

The NGX All-Share Index (ASI) gained 0.12 per cent week-on-week to close at 245,573.60 points, while market capitalisation increased by N187 billion to N158.513 trillion. Consequently, the market’s year-to-date return improved to 57.81 per cent.

Despite the positive performance of the benchmark index, market breadth remained negative, with 26 gainers against 63 losers, reflecting cautious investor sentiment, as declining stocks continued to outnumber advancing stocks throughout the week.

AVA Capital led the gainers table by 33.33 per cent to close at N11.00, per share. FCMB Group followed with a gain of 13.10 per cent to close at N12.95, while First Holdco went up by 12.23 per cent to close to N145.40, per share.

On the other side, Thomas Wyatt Nigeria led the decliners table by 26.71 per cent to close at N3.21, per share. Trans-Nationwide Express followed with a loss of 23.76 per cent to close at N2.15, while Critical Minerals Financing Corp declined by 22.68 per cent to close at N3.00, per share.

Meanwhile, a total turnover of 5.359 billion shares worth N139.053 billion in 261,869 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 5.119 billion shares valued at N404.762 billion that exchanged hands previous week in 285,223 deals.

The Financial Services Industry led the activity chart with 3.469 billion shares valued at N73.013 billion traded in 117,509 deals, contributing 64.73 per cent and 52.51 per cent to the total equity turnover volume and value respectively.

The Oil & Gas Industry followed with 1.023 billion shares worth N18.900 billion in 17,680 deals, while the ICT Industry pulled a turnover of 232.368 million shares worth N14.624 billion in 31,866 deals.

Trading in the top equities, Japaul Gold & Ventures, Fortis Global Insurance and FCMB Group accounted for 2.562 billion shares worth N14.173 billion in 6,645 deals, contributing 47.80 per cent and 10.19 per cent to the total equity turnover volume and value respectively.

However, the stock market is expected to stay cautiously positive in the near term as investors buy into the recent price pullback. 

However, analysts warned that extremely weak market breadth leaves the rally vulnerable, with banking stocks now the sole swing factor. While strong half year (H1) 2026 earnings and recapitalisation activity should support financials, any loss of momentum by the banking heavyweights could trigger a broad market reversal.

Speaking on market outlook for this week, Cordros Securities Limited said, “we expect trading to remain choppy as investors continue to selectively rotate into counters supported by strong earnings momentum, robust cash flow generation and attractive interim dividend prospects.  

Also, Cowry Assets Management Limited expected the Nigerian equities market to remain cautiously optimistic in the coming week as investors continue to position in fundamentally sound stocks ahead of the earnings season.

The Firm however noted that, profit-taking in recently appreciated counters and the mixed performance across sectors could limit the pace of gains.

“Market sentiment is likely to remain driven by corporate earnings releases, dividend expectations, and developments in the macroeconomic environment, particularly movements in interest rates and fixed-income yields. Consequently, we anticipate continued sector rotation, with investors favouring fundamentally strong banking and other quality large-cap stocks, while maintaining a selective,” it added.