By Gloria Ikibah
The Nigerian equity market recorded a N607 billion increase in market capitalisation last week, driven by strong buying interest in large-cap stocks like Access Corporation and MTN Nigeria.
The All-Share Index rose by 1.06% to close at 97,456.62, with market capitalisation up by 1.10% to N56tn. Most indices closed higher, except for the Growth Index, which declined by 0.03%, and the Alternative Securities Market Index, which remained unchanged.
Key drivers included Access Corporation’s 2.39% gain and MTN Nigeria’s 7.37% rise. Sector performance was positive, with consumer goods up 1.47%, insurance 1.59%, industrial 0.17%, banking 5.12%, and oil & gas 2%.
The financial services industry led in activity, accounting for 66.05% of equity turnover volume and 52.71% of value, with 1.71 billion shares worth N26.99bn traded in 19,277 deals. The oil and gas sector followed with 332.83 million shares valued at N12bn traded in 9,956 deals, while the services sector ranked third.
Overall, 52 stocks appreciated, up from 36 the previous week, while 31 declined, down from 46. The Federal Government’s savings bonds were also listed on the Nigerian Exchange on September 12.