NGX Market Value Rises N2.27 Trillion

Trading was broadly positive, with 35 gainers ahead of 22 losers, showing that the advance was not confined to a narrow set of large-cap names. C&I Leasing and Fortis Global Insurance each gained 10%, while MTN Nigeria Communications rose 9.2% to N890. Secure Electronic Technology and Mutual Benefits Assurance also posted strong gains. That mix points to continued rotation into both telecoms and financial-linked names, sectors that tend to draw flows when investors are seeking liquidity and price momentum.

The scale of the move is important for the real economy as well as the market. A stronger equity market can improve wealth effects, bolster corporate fundraising prospects and lower the cost of capital for listed companies. For pension funds and domestic institutional investors, it also offers a way to preserve real returns in an environment where inflation and currency risks have made fixed-income exposure less attractive on a relative basis. For foreign investors watching from the sidelines, the sustained rise in headline index levels may help rebuild confidence, though liquidity remains a concern.

That said, the week’s trading also showed signs of caution beneath the surface. Total volume fell 50.5% to 526.01 million units, even as value traded reached N96.91 billion across 44,293 deals, suggesting investors were willing to pay up for selected names but were not yet committing broader turnover. Transcorp Power, Cadbury Nigeria and Omatek Venture led decliners, while Sovereign Trust Insurance and Ellah Lakes also fell, a reminder that profit-taking is still active in parts of the market.

Cowry Assets Management said the bullish tone could continue, although residual profit-taking may slow the pace of gains. That view fits the current setup: the market has momentum, valuation re-rating is still possible and the index is approaching a psychologically important threshold, but the next leg higher will likely need deeper participation and sustained liquidity rather than just selective buying.