NGX market capitalisation soars by N956.7 billion in four trading days

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The Nigerian Exchange Limited market capitalization surged significantly by N956.7 billion in four trading days despite a shortened trading week due to the Easter Monday holiday.

The all-share index rose by 1.46% week-on-week to close at 105,752.61 points. Market capitalization increased by N965.7 billion over the four trading sessions.

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The positive sentiment was further lifted by the listing of Legend Internet Plc, which added 2 billion ordinary shares to the exchange. The new listing contributed about N11.28 billion to the market’s capitalisation.

Market analysts expect the bullish sentiment to continue, driven by investors’ positive reactions to corporate earnings. “As companies unveil their first quarter results, attention is set to remain firmly on firms that demonstrate strong fundamentals, resilient earnings growth, and attractive dividend policies,” according to Cowry Asset Management Limited

The NGX consumer goods index outperformed all others, surging by 8.57% week-on-week, buoyed by notable gains in International Breweries, NASCON, Ikeja Hotel, and Cadbury Nigeria. The NGX Insurance index followed closely, advancing by 7.3% as investors piled into names like NEM Insurance, Cornerstone Insurance, and Lasaco Assurance.

The NGX Banking Index rose 5.06%, driven by buying interest in JAIZ Bank, Ecobank Transnational Inc., and Access Corporation. However, the NGX oil and gas and NGX Industrial Goods indices recorded losses, falling by 0.07% and 3.43% respectively.

The financial services sector dominated trading activities, leading the chart by volume with 1.266 billion shares valued at N29.4 billion. The consumer goods sector ranked third, with a turnover of 118.617 million shares valued at N4.415 billion.

Fidelity Bank Plc, Access Holdings Plc, and Guaranty Trust Holding Company Plc emerged as the most traded stocks by volume, collectively accounting for 797.873 million shares worth N22.043 billion.

“Given the ongoing Q1-2025 earnings season, we anticipate that decent earnings releases across the board will underpin positive sentiment in the equities market,” according to Codros Capital.

“Given that macroeconomic uncertainties and intermittent profit-taking could moderate gains, particularly in some sectors that have witnessed sharp price appreciation in recent weeks, investors should remain selective and focused on quality stocks,” market analysts advised

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