The Nigerian stock market maintained its upward momentum on a week-on-week basis.

Investors recorded gains exceeding N4.08 trillion across five trading days last week.

The Nigerian Exchange Limited market capitalisation increased significantly. It rose to N110.234 trillion from N106.153 trillion recorded in the previous week.

The NGX All-Share Index also advanced. It climbed 3.8 per cent to close at 171,727.49 points, compared with 165,370.40 points the prior week. This reflected sustained positive price movements in listed equities.

Analysts observed that the NGX ASI has continued to form higher highs and higher lows. This pattern has been supported by increasing trading turnover, confirming the strength of the ongoing rally. Momentum indicators stayed in positive territory, indicating that bullish control persists in the short to medium term. However, following sharp price gains in several large-cap stocks, short-term consolidation or mild corrections could emerge as traders take profits.

Trading activity during the week was driven by strong risk-on sentiment. Positive investor reactions to recent corporate earnings reports and selected company-specific developments fuelled the market’s performance.

Key stocks led the rally and supported the ASI’s upward movement. MTN Nigeria rose 8.4 per cent, Dangote Cement gained 7.1 per cent, Seplat Energy increased 10.0 per cent, WAPCO appreciated 6.4 per cent, and Stanbic IBTC Holdings advanced 8.5 per cent. These gains lifted the year-to-date return of the ASI to 10.4 per cent.

Market participation strengthened notably. Total trading volume rose 53.5 per cent week-on-week, while total trading value surged 98.3 per cent week-on-week.

Sectoral performance was largely positive. The Oil & Gas Index led with a 10.9 per cent gain, followed by the Industrial Goods Index at 4.4 per cent, the Banking Index at 3.6 per cent, and the Consumer Goods Index at 1.0 per cent. The Insurance Index was the only laggard, declining 2.3 per cent.

Analysts at Cordros Capital commented on the near-term outlook. They said: “Looking ahead, we expect trading activity to remain somewhat choppy, driven by continued positioning in market bellwethers, alongside bouts of profit taking as recent gains are digested.”

Analysts at InvestData Consulting Limited also shared their perspective. They stated: “Looking ahead, investor focus is expected to remain on corporate earnings releases, macroeconomic data, and developments in the global oil market. With sentiment still skewed to the upside, the market may continue to attract fresh inflows, particularly into fundamentally strong names. Nonetheless, selective profit-taking and sector rotation are likely, suggesting that investors should remain disciplined and focus on stocks with strong fundamentals.”