ABUJA, Nigeria – Nigeria’s stock market ended the week higher as investors continued buying blue-chip stocks, pushing the Nigerian Exchange (NGX) All-Share Index to 247,357.40 points.
The market was lifted mainly by gains in banking, consumer goods and industrial stocks with investor confidence also improving after Dangote Refinery announced a successful $2.5 billion private equity placement. The offer was 3.7 times oversubscribed, showing strong demand from institutional investors ahead of the refinery’s planned stock market listing in September.
As a result, the total value of companies listed on the NGX increased by ₦2.531 trillion ($1.85 billion) to ₦159.588 trillion ($116 billion), up from ₦157.057 trillion the previous week. The benchmark index also rose 1.6% from 243,463.13 points.
Trading activity was stronger during the week. Investors traded 4.433 billion shares worth ₦306.143 billion in 255,589 deals, compared with 2.819 billion shares valued at ₦182.499 billion in 226,729 deals a week earlier.
The financial services sector recorded the highest trading activity, with 3.422 billion shares worth ₦207.206 billion changing hands. It was followed by the consumer goods sector, where 201.978 million shares worth ₦17.171 billion were traded. The ICT sector came next with 169.481 million shares valued at ₦21.194 billion.
First HoldCo Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc recorded the highest trading volumes, with a combined 2.151 billion shares worth ₦170.793 billion.
Interest in First HoldCo also increased after businessman Olufemi Otedola announced that he had bought an additional 706.13 million shares in the company.
Analysts said the market is expected to remain positive in the near term, although investors are likely to focus more on companies with strong financial performance and positive business developments.
