Nigeria’s equity market recorded a strong week of gains, with total market capitalization climbing past $66 billion, reflecting renewed investor confidence in Africa’s largest economy. According to the Nigerian Exchange (NGX), investors added approximately $2.5 billion, or around ₦3.84 trillion, to market value over the week, driven by demand for heavyweight stocks and broad market participation.
The NGX All‑Share Index advanced 3.71 percent week‑on‑week to 162,298.08 points, led by banking and telecommunications stocks such as MTN Nigeria, Access Holdings, GTCO, Zenith Bank, and Jaiz Bank. Business Insider Africa highlighted that 84 equities recorded gains compared with 22 losers, signalling broad-based investor interest across multiple sectors.
Despite a moderate decline in trading volume compared with the previous week, total turnover remained significant, with about 4.16 billion shares valued at ₦94.03 billion exchanged. Market watchers say breaking past the ₦100 trillion ($66 billion) threshold could attract fresh capital as investor sentiment strengthens.
Bumps in key consumer, financial, and technology stocks anchored the rally, even as some mid‑ and small‑cap names lagged. Analysts are monitoring whether robust earnings and sustained momentum will continue to draw both domestic and international investors to the Nigerian bourse.
Image Credit: nigerianstocks.com
