Aggressive market demand propelled the Nigerian capital market upward last week, resulting in a phenomenal N374bn worth of shares changing hands. From heavy banking sector dominance and stellar individual stock performances to critical primary market listings and an active fixed-income segment, here is a comprehensive breakdown of the forces that drove the NGX All-Share Index up by 2.27 per cent. JIDE AJIA reports

Trading on the floor of the Nigerian Exchange Limited closed on a high note last week as aggressive buying interest pushed key performance indicators upward, with investors exchanging a staggering 7.772 billion shares valued at N374.040bn.

The blockbuster performance represents a significant jump in activity compared to the previous week, where a total of 7.075 billion shares worth N324.351bn crossed the counter. While total value and volume spiked, the total number of deals executed dropped slightly to 402,945 from the 474,436 deals recorded in the preceding week.

The blistering momentum pushed the NGX All-Share Index higher 2.27 per cent to close the week at 250,330.92 points. Similarly, total aggregate market capitalisation appreciated 2.13 per cent, finishing the weekly cycle at N160.444tn, rewarding equity investors with substantial gains.

Financial services sector

A sector-by-sector breakdown of the week’s transaction matrix showed that the Financial Services Industry maintained its undisputed dominance on the activity chart. Measured by volume, the sector traded 4.774 billion shares valued at N196.352bn across 153,515 deals.

The heavy banking and insurance activity effectively contributed 61.43 per cent and 52.49 per cent to the total equity turnover volume and value, respectively.

The Information and Communications Technology Industry trailed in second place, posting a turnover of 1.118 billion shares worth N57.825bn in 44,622 deals. The Services Industry secured the third position with a turnover of 601.745 million shares worth N6.984bn executed in 27,653 deals.

At the micro level, trading in the top three equities, FirstHoldCo Plc, United Bank for Africa Plc, and Chams Holding Company Plc, accounted for a combined 2.195 billion shares worth N99.820bn in 30,056 deals. Together, these three heavyweights drove 28.24 per cent of the total trading volume and 26.69 per cent of the market’s total value for the week.

Bullish sentiment strengthens

Market sentiment closed firmly in the green as 74 equities appreciated in price during the week under review, an increase from the 69 gainers recorded in the previous week. Conversely, the number of decliners shrank to 24 equities from 36 in the prior period, while 48 equities remained unchanged.

Berger Paints Plc emerged as the star performer of the week, leading the top gainers’ chart with a stellar 55.57 per cent growth to close at N168.95 per share. S C O A Nigeria Plc followed closely with a 45.92 per cent gain to close at N33.05, while Daar Communications Plc rose 42.41 per cent to finish at N2.25 per share. Other notable gainers included Fidson Healthcare Plc (+32.52%) and Learn Africa Plc (+32.32%).

On the flip side, Zichis Agro Allied Industries Plc led the decliners’ table, shedding 11.78 per cent of its value to close at N29.43 per share. The Initiates Plc dropped 10.03 per cent to close at N32.30, while NPF Microfinance Bank Plc and NCR (Nigeria) Plc both dipped by an even 10.00 per cent, closing at N5.76 and N179.10, respectively.

Share listings

The week also witnessed critical primary market activities that adjusted the share structures of prominent listed firms.

Fidelity Bank Plc expanded its footprint on the daily official list of the NGX by listing an additional 12.974 billion ordinary shares arising from its recently concluded private placement. Originally offered at N17.50 per share, this listing has successfully pushed Fidelity Bank’s total issued and fully paid-up shares from 50.20 billion to 63.174 billion ordinary shares.

Similarly, Trans-Nationwide Express Plc listed 356.184 million ordinary shares following a 71.50 per cent subscription rate on its Rights Issue.

This move hiked its total paid-up shares from 498.15 million to 854.334 million ordinary shares.

Furthermore, the secondary market capital-raising engine remained active as Sovereign Trust Insurance Plc and Universal Insurance Plc both activated trading codes for their multibillion-share Rights Issues during the week.

Fixed income, ETPs

Activity in the Exchange Traded Products segment gained momentum, as investors traded 7.660 million units valued at N1.177bn in 10,018 deals, outpacing the N1.107bn recorded last week.

In the fixed-income sector, trading volume experienced a sharp upward correction. A total of 290,830 bond units valued at N306.571m were traded across 34 deals, compared with 119,721 units worth N122.184m from the week prior.

The fixed-income market was further bolstered by the official listing of the Federal Government of Nigeria’s N47.355bn five-year 18.95 per cent Fixed Rate Green Bond due 2030, alongside supplementary listings of existing FGN bonds issued in April 2026.