Weekly Market Momentum –The NGX All-Share Index (NGXASI) rose 0.66% w/w, closing at 105,660.64 points, with market capitalisation reaching ₦66.26tn. The upward trend reflects sustained investor confidence despite mixed sectoral performance.
Liquidity Surge –Trading volume increased 29.26%, while market value soared 135.45%, suggesting a rotation into higher-value stocks. However, the market breadth of 0.75 (UD Ratio of 1.76) signals more declining stocks relative to gainers, indicating selective bullish sentiment.
Sectoral Performance Analysis –The banking sector led weekly gains, advancing 5.61%, driven primarily by GTCO (+7.08%), STERLINGNG (+2.83%), and ACCESSCORP (+1.59%), reflecting strong investor interest.
The consumer goods sector posted a modest 0.33% increase, supported by notable gains in NNFM (+9.96%) and NASCON (+6.86%), while the industrial sector edged up 0.01%.
Conversely, the insurance sector declined 1.28%, weighed down by losses in INTENEGINS (-10.00%) and GUINEAINS (-6.85%), among others. The oil & gas sector extended its downturn, falling 1.65% for the week, bringing its year-to-date (YTD) loss to 9.34%, making it the worst-performing sector.
Top Gainers Drive Market Upside –Abbey Mortgage Bank (ABBEYBDS) and UPDC surged 10% each, leading daily gainers, followed by NNFM (+9.96%), MBENEFIT (+9.38%), and ROYALEX (+8.25%), highlighting investor interest in financial and consumer-focused stocks.
Technical Indicators Signal Caution –The 14-day RSI at 46.45 suggests neutral momentum, while the 7-day MA (105,361.22) below the 20-day (105,939.48) and 50-day (105,995.98) moving averages hints at near-term resistance, warranting cautious optimism.
NASD Summary
Market Rebound Amid Weekly Decline –The NASD OTC Securities Exchange saw a slight daily uptick, with the NSI and market capitalisation rising by 0.17%, reversing part of the week’s 1.26% loss. However, market liquidity remains volatile, evidenced by a 76.84% surge in volume but a 71.23% drop in value, indicating a shift towards lower-value transactions.
Selective Gains in Top Performers –Investor sentiment favored select stocks, as NIPCO Plc (SDNIPCOPLC) surged 9.73% to ₦220, while GEFLUID Plc (SDGEFLUID) climbed 8% to ₦2.70, outpacing broader market performance. Despite these gains, overall trading activity weakened, with transactions declining 76.09%, reflecting cautious market participation.
