The Nigerian stock market maintained its bullish momentum this week, with the All-Share Index (ASI) moving closer to the 120,000-point milestone. This performance was largely driven by strong gains among select SWOOT stocks, with Okomu Oil Palm Plc standing out after recording a trading value of N3.2 billion in a single session.
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The rally was supported by renewed investor interest in strategic blue-chip equities. The SWOOT group, representing Seplat Energy, Wema Bank, Oando, Okomu Oil, and Transnational Corporation, registered significant upward movements, with most constituents contributing heavily to the positive market breadth.
Okomu Oil led the SWOOT performance on the day, as its stock price advanced by nearly 10%, rising from N680 to N748. The gain translated into a substantial turnover, with the value of shares traded amounting to N3.2 billion. This surge reflects growing confidence in the company’s earnings potential and broader market sentiment favoring defensive agricultural stocks.
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Overall trading activity on the Nigerian Exchange showed strong participation, with increased volumes and value turnover across board. Investor enthusiasm appeared buoyed by expectations of improved corporate earnings and continued economic stabilization efforts, prompting sustained interest in high-performing sectors including energy, agriculture, and banking.
With the ASI now just shy of the 120,000-point mark, market analysts are watching closely for a potential breakout. Continued momentum in SWOOT and other heavyweight stocks is likely to play a pivotal role in determining whether the market can maintain its upward trajectory into the second half of the year.
The recent trend underscores a growing appetite for stocks with strong fundamentals and resilience across market cycles. If current conditions hold, the Nigerian Exchange could witness further record-setting highs in the weeks ahead, cementing 2025 as one of the strongest years in the history of the local equities market.
