Bulls dominate as Nigerian stock market rebounds with N3.16trn weekly gain
The Nigerian stock market closed on a highly bullish note on Friday, delivering a massive N3.156 trillion weekly gain to investors. The impressive rebound was driven by renewed investor interest in high-performing banking, telecommunications, and oil & gas equities.
By the close of Friday’s trading session, the overall market capitalisation jumped by 2.19%, closing at N147.102 trillion compared to its opening figure of N143.946 trillion.
In tandem, the All-Share Index (ASI) advanced by 4,918.37 points—a 2.19% increase—moving from 224,321.97 to settle at 229,240.34. This late-week rally pushed the market’s Year-to-Date (YTD) return up to a robust 47.31%.
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Market breadth finished on a strongly positive note, with 39 gainers outpacing 14 losers.
Top gainers and losers
A total of five companies maxed out their daily allowable gains to lead the pack, while insurance equities dominated the losers’ chart.
Top 5 gainers
Airtel Africa: Up 10% to close at N5,274.00
The Initiates: Up 10% to close at N25.85
Omatek Ventures: Up 10% to close at N1.76
Daar Communications: Up 10% to close at N1.65
Universal Insurance: Up 10% to close at 88k
Top 5 Losers
International Energy Insurance: Down 9.96% to close at N4.70
Meyer: Down 9.95% to close at N18.55
Fortis Global Insurance: Down 9.80% to close at N3.22
Sovereign Trust Insurance: Down 5.34% to close at N1.95
Veritas Kapital Assurance: Down 5.07% to close at N1.31
Trading volume and value
Despite the bullish price action, overall market activity experienced a cool-off. Total trading volume dropped by 46.82%, with investors exchanging 454.92 million shares valued at N27.61 billion across 48,214 deals.
Zenith Bank Plc emerged as the most active stock of the day, dominating both volume and value metrics. By volume, it traded 49.78 million shares, accounting for 10.94% of the day’s total volume. By value, it recorded transactions worth N5.16 billion, representing 18.70% of the market’s total value for the session.
