NGX adds N3.73trn in a week as oil, banks, consumer stocks lift

Nigerian equities delivered another powerful week for investors as the NGX All-Share Index (ASI) climbed 2.36 per cent, adding N3.73 trillion to market capitalisation and lifting the benchmark’s year-to-date return to 58.72 per cent, even as a sharp divergence emerged across sectors and individual stocks.

The market closed the week at a record market capitalisation of N159.56 trillion, up from the previous week, while the ASI’s weekly gain accelerated the 2026 return from 55.06 per cent to 58.72 per cent. For investors who have remained exposed to Nigerian equities since the beginning of the year, the latest performance reinforces the strength of what has already become one of the market’s strongest rallies in recent years.

But beneath the headline gain, the week’s trading revealed an increasingly selective market in which investors are aggressively repositioning towards sectors and counters offering stronger earnings prospects while taking profits in some previously high-performing names.

The strongest weekly advance came from the Oil and Gas sector, which rose 9.10 per cent, followed by Insurance and Banking, each up 3.58 per cent, while Consumer Goods gained 3.52 per cent. The only sector to finish lower was Industrial Goods, which slipped 0.35 per cent.

At the stock level, Champion Breweries surged 20.10 per cent, Nigerian Breweries rose 18.80 per cent, and Seplat Energy gained the maximum 10 per cent, providing a major boost to the market. Their gains more than offset declines in Beta Glass, down 17.38 per cent, NASCON, down 16.90 per cent, and Nahco, which fell 9.22 per cent.

The rotation became even clearer in the final trading session of the week, when the ASI gained another 0.25 per cent.

Nigerian Breweries jumped 9.93 per cent, Abbey Mortgage Bank gained 10 per cent, and Ellah Lakes rose 9.09 per cent, offsetting losses in Beta Glass, HBM Holdings and NGX Group.

Trading activity also strengthened dramatically, with total volume soaring 416.66 per cent to 2.24 billion units, while transaction value rose 150.55 per cent to N73.41 billion.

The surge in turnover is particularly significant from an investor perspective because it points to a market where capital is moving more aggressively rather than the index rising purely on thin trading.

UBA dominated activity by volume, with 312.42 million shares traded, while Seplat led by value with transactions worth an exceptional N32.24 billion.

Yet market breadth remained slightly negative on the day, with 31 decliners against 29 advancers, producing a breadth ratio of 0.94x. Red Star Express fell the maximum 10 per cent to lead the losers, while Abbey Mortgage Bank topped the gainers with a 10 per cent advance.

The combination of a sharply higher index, surging turnover and negative breadth suggests that investors are becoming more discerning as valuations rise and the market moves deeper into the year.

That selectivity matters because the NGX’s 58.72 per cent year-to-date return means investors who bought into the market earlier in the year are sitting on substantial gains, increasing the incentive to lock in profits on expensive or weaker counters while reallocating towards stocks with stronger fundamentals.

The alternative NASD OTC market, however, moved in the opposite direction.

The NASD Securities Index fell 1.22 per cent to 4,414.02 points, cutting its year-to-date return to 24.56 per cent from 26.10 per cent and reducing market capitalisation to N2.65 trillion.

Trading activity weakened sharply, with volume dropping 76.78 per cent to 166,461 units and transaction value falling 72.81 per cent to N11.96 million. The number of trades also declined by 66.67 per cent to 23.

SDA Friesland gained 9.05 per cent to lead the NASD gainers, while SDCSCS Plc plunged 10.99 per cent.