Investors traded about US$234 million worth of shares on the Nigerian Exchange last week as aggressive buying across banking and industrial stocks pushed market turnover to ₦374.04 billion, equivalent to roughly $233.8 million, based on an exchange rate of ₦1,600 to the US dollar.
The total volume of transactions reached 7.77 billion shares, underscoring strong liquidity in Africa’s largest equity market, where financial stocks continued to dominate trading activity.
The weekly performance marked a significant increase from the previous week, when investors exchanged ₦324.35 billion worth of shares, or about US$202.7 million, reflecting renewed investor appetite for equities.
Market capitalisation also strengthened, rising by 2.13 percent to ₦160.44 trillion, equivalent to approximately US$100.28 billion, as gains spread across key sectors.
The Nigerian Exchange All-Share Index advanced 2.27 percent to close at 250,330.92 points, extending a bullish run driven largely by banking and consumer-facing stocks.
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Trading activity remained heavily concentrated in the financial services sector, which accounted for 4.77 billion shares valued at ₦196.35 billion, or about US$122.7 million, representing more than half of total market value.
The information and communications technology sector followed with 1.12 billion shares worth ₦57.83 billion ($36.1 million), while the services sector recorded ₦6.98 billion (US$4.4 million) in turnover.
Among individual stocks, FirstHoldCo Plc, United Bank for Africa Plc, and Chams Holding Company Plc dominated activity, jointly accounting for 2.2 billion shares valued at ₦99.82 billion, or about US$62.4 million.
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Their combined contribution represented more than a quarter of total weekly turnover, highlighting continued concentration of liquidity in a handful of major equities.
Market sentiment remained strongly positive, with 74 equities posting gains compared with 24 decliners, indicating broad-based buying interest across sectors.
Berger Paints Plc led the gainers with a 55.57 percent rise, followed by S C O A Nigeria Plc, which gained 45.92 percent, while Daar Communications Plc climbed 42.41 percent.
On the downside, Zichis Agro Allied Industries Plc led losers, shedding 11.78 percent, while The Initiates Plc and NPF Microfinance Bank Plc also recorded declines.
Primary market activity added further momentum, with Fidelity Bank Plc listing an additional 12.97 billion shares following a private placement, expanding its total issued shares significantly.
Trans-Nationwide Express Plc also increased its share base following a rights issue, while other insurers began trading new capital-raising allocations during the week.
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In fixed income, trading improved to 290,830 bond units worth ₦306.57 million (US$191,600), up from the previous week, while exchange-traded products recorded ₦1.18 billion (US$740,000) in transactions.
The Federal Government also listed a ₦47.36 billion green bond due in 2030, equivalent to about $29.6 million, as part of efforts to deepen the domestic debt market and promote sustainable financing.
Analysts say the dollar conversion highlights both the scale of liquidity in the Nigerian market and its sensitivity to exchange rate movements, with foreign investors closely watching macroeconomic stability and interest rate direction.
Despite strong weekly gains, market watchers caution that sustained performance will depend on inflation trends, monetary policy decisions and broader confidence in Nigeria’s economic outlook.
