Access Corporation, MTN Nigeria Propel Equity Market to N607bn Gain
The Nigerian equity market saw a significant boost last week, with market capitalisation rising by N607 billion, driven by strong buying interest in large-cap stocks such as Access Corporation and MTN Nigeria.
The All-Share Index (ASI) climbed 1.06% to close at 97,456.62 points, while market capitalisation increased by 1.10% to N56 trillion. Most indices ended the week on a positive note, except for the Growth Index, which declined by 0.03%, and the Alternative Securities Market Index, which remained unchanged.
Key drivers of the market’s upward trend were Access Corporation, which recorded a 2.39% gain, and MTN Nigeria, which surged by 7.37%. Sectoral performance was bullish, with gains in consumer goods (1.47%), insurance (1.59%), industrial (0.17%), banking (5.12%), and oil & gas (2%).
The financial services sector led trading activity, accounting for 1.71 billion shares valued at N26.99 billion, representing 66.05% of total equity turnover volume and 52.71% of total value. The oil and gas sector followed, with 332.83 million shares worth N12 billion traded in 9,956 deals. The services sector ranked third, with 146.19 million shares worth N530.54 million traded in 3,404 deals.
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The market witnessed a rise in equity appreciation, with 52 stocks gaining value compared to 36 in the previous week. Meanwhile, 31 equities declined, down from 46 in the prior week, while 68 remained unchanged, slightly lower than the 69 recorded earlier.
Additionally, on September 12, the Federal Government’s savings bonds were listed on the Nigerian Exchange, adding further activity to the market.
