Stocks Advance By N187bn W-o-W Despite Broad-based Sector Weakness
The Nigerian equities market saw a modest weekly gain of N187 billion, despite a broader trend of declining stocks outnumbering gainers. Analysts remain cautiously optimistic, citing upcoming corporate earnings and dividend expectations as key market drivers.
Why it matters
This performance reflects the current volatility and investor sentiment within the Nigerian financial sector amidst macroeconomic uncertainty.
The Nigerian equities market closed the week on a positive note, rose by N187 billion, supported by renewed buying interest across key counters.
The benchmark 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.
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