First HoldCo Leads Gainers as Market Capitalisation Hits N157trn

Nigeria’s equities market ended the week on a mixed note as total market capitalisation climbed to N157.06 trillion despite a slight decline in the benchmark NGX All-Share Index (ASI), with First HoldCo Plc emerging as the week’s best-performing stock after posting a 38.66 per cent gain.

Data from the Nigerian Exchange (NGX) showed that market capitalisation rose by 0.39 per cent to N157.057 trillion, while the ASI eased by 0.14 per cent to close at 243,462.13 points. The figures reflected the Exchange’s official market performance for the week.

Investor activity, however, slowed compared with the previous week. A total of 2.819 billion shares valued at N182.499 billion were traded in 226,729 deals, down from 3.608 billion shares worth N220.568 billion exchanged in 251,861 deals a week earlier, indicating a moderation in market turnover.

The financial services sector remained the dominant driver of trading activity, accounting for 2.006 billion shares valued at N99.697 billion in 96,171 deals. The sector represented 71.17 per cent of total equity turnover by volume and 54.63 per cent by value, underscoring sustained investor interest in banking and other financial stocks.

The consumer goods sector ranked second with 178.863 million shares worth N7.872 billion traded in 26,637 deals, while the oil and gas sector followed with 151.237 million shares valued at N38.309 billion across 16,879 deals.

Market breadth weakened during the week, with 44 equities recording price gains, down from 60 in the preceding week. Thirty-five stocks declined, compared with 28 previously, while 67 equities closed unchanged.

First HoldCo recorded the strongest price appreciation, advancing 38.66 per cent to close at N95.95 from N69.20. The stock’s sharp gain coincided with strong investor activity in banking shares, which accounted for the largest share of market turnover during the week.

Other notable gainers included Thomas Wyatt Nigeria Plc, which appreciated by 27.16 per cent to N3.09, Fidelity Bank Plc, up 15.00 per cent to N21.85, Learn Africa Plc, which gained 14.44 per cent to N10.30, and United Bank for Africa Plc, which rose 10.98 per cent to N45.50.

On the downside, BUA Cement Plc posted the week’s steepest decline, falling 18.99 per cent to N275.60 from N340.20. Red Star Express Plc shed 18.53 per cent to close at N20.00, International Energy Insurance Plc declined 15.27 per cent to N4.66, while C&I Leasing Plc lost 13.28 per cent to end the week at N5.55.

Trading by volume was concentrated in a handful of financial stocks. First HoldCo Plc, FCMB Group Plc and Access Holdings Plc accounted for a combined 939.402 million shares valued at N57.673 billion in 19,051 deals. Together, the three companies contributed 33.33 per cent of total trading volume and 31.60 per cent of the value of all equities traded during the week.

The week’s trading reflected continued investor preference for banking and other fundamentally strong stocks, even as overall market activity moderated. The concentration of transactions in leading financial institutions highlighted sustained demand for the sector despite a more cautious trading environment.

Investors are expected to monitor upcoming corporate earnings releases, macroeconomic data and policy developments for fresh market direction in the weeks ahead.