The Nigerian stock market recorded a strong performance, with the total market value rising by N1.83 trillion. This bullish trend extended for a second consecutive week in February, as investors drove up stock prices in four out of five trading sessions......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The All-Share Index (ASI), which measures overall market performance, rose by 2% week-on-week to close at 108,053.95 points. The index surpassed key psychological levels of 108,000 and 109,000 points, reaching historic highs. This surge was mainly driven by price gains in Industrial, Insurance, and Energy stocks.
Similarly, the total market capitalization of listed companies increased by 2.78% to N67.42 trillion, briefly crossing the N68 trillion mark. This rise was fueled by strong buying interest from investors, according to Cowry Asset Limited.
Despite the stock market’s positive momentum, overall trading activity was lower than in the previous week. The total number of shares traded fell by 40.9% to 2.41 billion units, executed across 80,988 deals. The total value of these trades was N55.51 billion.
Stock performance varied across different sectors. The Industrial Index led the market gains, rising by 10.4% during the week, followed by the Insurance Index (+2.52%) and the Commodity Index (+0.43%). Major stocks that contributed to these gains included Dangote Cement, UPDC, Beta Glass, SUNU Assurance, Presco, Transcorp Power, and Custodian.
However, some sectors experienced declines. The Consumer Goods Index fell by 3.63%, while the Oil & Gas sector declined by 2.30%, and the Banking Index dipped by 0.24%. These losses were driven by selloffs in stocks such as Aradel Holdings, Zenith Bank, BUA Foods, Julius Berger, Conoil, and FBN Holdings, as investors adjusted their portfolios.
Among the best-performing stocks of the week, Honeywell Flour led the way with a 47.1% increase, followed by UPDC (+45.9%). VFD Group saw a 30.6% gain after posting impressive 2024 earnings, while SUNU Assurance and Ikeja Hotel rose by 27.9% and 24.4%, respectively. On the downside, DAAR Communications was the worst-performing stock, declining by 13.6%, followed by International Energy Insurance (-10.8%), BUA Foods (-10.0%), Golden Breweries (-9.9%), and Eunisell (-9.7%).
Looking ahead, stock market analysts predict mixed investor sentiment in the coming week. Investors will be closely watching upcoming corporate earnings reports, dividend announcements, and Nigeria’s newly rebased Consumer Price Index (CPI) data. The Monetary Policy Committee (MPC) meeting scheduled for Wednesday and Thursday will also be a key event that could influence investor decisions. Analysts at Cowry Asset Limited believe these developments will shape market trends in the short term.