Nigerian stocks add $2.5bn in 1 week as investors push market value past $66bn.

Data  from the Nigerian Exchange showed that total market capitalisation rose by ₦3.84tn, equivalent to roughly $2.5bn, to close the week at ₦103.78tn, or about $67bn.

The benchmark All Share Index advanced by 3.71 percent week on week to 162,298.08 points, pushing the market firmly into bullish territory.

The rally was significant enough to lift the equities market above the ₦100tn threshold during the week, a psychological milestone analysts say reflects improving sentiment and growing appetite for risk assets.

Momentum strengthened further on Friday, when the index gained 0.93 percent in a single session, taking the year-to-date return to 4.30 percent.

Trading during the week was driven largely by heavyweight names in banking and telecommunications. MTN Nigeria, Access Holdings, GTCO, Zenith Bank, and Jaiz Bank attracted strong demand, helping to anchor gains despite a moderation in overall trading activity.

Total turnover declined compared with the previous week, with 4.164bn shares valued at ₦94.03bn, or about $61m, exchanged in 248,254 deals. This was down from 7.821bn shares worth ₦134.47bn, around $87m, traded a week earlier. Market activity was mixed across the five sessions, peaking midweek before easing toward Friday.

The financial services industry dominated activity, accounting for nearly two-thirds of total trading volume. About 2.65bn shares valued at ₦35.96bn, or roughly $23m, were traded in the sector. Services and ICT followed, reflecting continued investor interest in consumer-facing and technology-linked stocks.

Universal Insurance, Linkage Assurance, and Access Holdings were the most traded by volume, jointly accounting for more than 30 percent of total shares exchanged, though they represented a smaller share of overall value.

Source: Africabusinessinsider