The Nigerian Exchange Limited (NGX) closed the week on a positive note, posting a substantial market gain of N2.67 trillion as key sectors, particularly oil and gas, attracted strong investor interest.
The oil and gas sector emerged as the clear leader among gainers, rising 9.43% week-on-week. The rally was primarily driven by robust buying in Aradel Holdings Plc and Oando Plc, signaling renewed confidence in Nigeria’s energy space amid global oil price volatility and domestic sector developments.
The industrial goods sector followed closely with a 3.89% gain, supported by positive sentiment toward major players such as Premier Paints Plc, Lafarge Africa Plc, and Dangote Cement Plc.
Consumer goods stocks also advanced, climbing 1.12%, buoyed by demand for shares in PZ Cussons Nigeria Plc and Cadbury Nigeria Plc.
The banking sector recorded a modest 0.24% increase, reflecting selective interest in Stanbic IBTC Holdings Plc, Zenith Bank Plc, and Guaranty Trust Holding Company Plc.
In contrast, the insurance sector underperformed, declining 1.88% amid persistent sell-offs in AXA Mansard Insurance Plc, Universal Insurance Plc, and Cornerstone Insurance Plc.
The overall market capitalisation surge pushed the year-to-date return to 26.58%, demonstrating resilience despite broader macroeconomic challenges.
Market breadth, however, remained negative, with 44 stocks recording gains against 58 losers, indicating that the rally was concentrated in a handful of high-capitalisation and high-momentum names rather than broad-based participation.
Trading activity moderated during the week:
- Total volume traded fell 32.52% week-on-week
- Turnover declined 9.51%
- The number of deals edged up slightly by 0.35%
Investors exchanged approximately 3.7 billion shares valued at N177.76 billion across 371,317 deals.
Top Gainers and Losers
Leading the gainers’ chart was FTG with an impressive 58.5% weekly surge. Premier Paints Plc followed with 32.7%, while Eterna Plc rose 28.7%. NGX Group Plc appreciated 21.7%, and UACN Plc gained 20.6%.
On the flip side, MCNichols Plc topped the losers with a 24.4% drop. Mecure Industries Plc shed 18.9%, Multiverse Mining and Exploration Plc declined 18.7%, Jaiz Bank Plc fell 18.4%, and Omatek Ventures Plc lost 15.4%.
FX Market and Reserves Update
Developments in the foreign exchange market showed continued pressure on the naira:
The official rate weakened 2.19% to close at N1,393.26/$
The parallel (street) market depreciated 2.14% to around N1,391/$, briefly trading at a discount to the official window — an unusual reversal of the typical premium.
Despite the naira’s slide, Nigeria’s external reserves posted a modest recovery, rising 0.75% to $49.88 billion. The increase was attributed to improved foreign exchange inflows, offering some cushion amid ongoing currency volatility.
Overall, last week’s performance highlights selective investor optimism in energy and industrial stocks, even as broader market participation remained cautious and forex pressures persisted. Market watchers will be closely monitoring whether the momentum in oil & gas and related sectors can broaden in the coming sessions.
